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Chicago Teachers’ Pension Fund Releases 2019 Comprehensive Annual Financial Report

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The Fund's external auditor, Plante Moran, PLLC, issued an unmodified opinion on the Fund’s financial

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Comprehensive Annual Financial Report

statements and did not identify any internal control matters to be addressed. This is the highest level of assurance that can be provided from an external audit, and reflects the Fund’s accurate and transparent financial operations. 

Highlights from the 2019 CAFR include:

  • The Fund’s membership increased to 67,538 total members including 29,295 active members, 28,317 beneficiaries, and 9,926 vested terminated members as of June 30, 2019, reflecting a 0.9% increase over the prior year’s total membership of 66,905.
  • The 124th year of continuous operations ended with the Fund’s operational condition substantially unchanged from the previous fiscal year. The June 30, 2019, value of net assets held in trust for pension and health benefits amounted to $11.0 billion, a (0.6)% decrease from the $11.1 billion of the previous year.
  • The Fund paid members $1.5 billion in service retirement, disability, refunds, and survivor benefits, an additional $58.6 million for health care benefits, and administrative expenses of $26.1 million, a 1.7% increase of the total paid to members, health care benefits and administrative expenses for Fiscal Year 2018.
  • The funded ratio for pension benefits, based on the actuarial value of assets, decreased to 47.4% as of June 30, 2019, from 47.9% at the end of the previous fiscal year.

The complete report is available here.

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