The Chicago Board of Education (CPS) is required to make a
payment to the Chicago Teachers’ Pension Fund (CTPF) of $733
million for the 2017 fiscal year, ending June 30, 2017. Prior to
today, the balance due to CTPF was $714 million.

Today, CTPF received $464 million from CPS, bringing CPS’s total
pension contribution to $483 million for fiscal year 2017,
leaving $250 million outstanding. CTPF expects to receive the
balance of the payment from CPS through an estimated $250 million
tax levy by the end of August. The State restored CPS’s power to
levy a pension tax in 2016. Proceeds from the tax levy will be
remitted directly to the Fund.

CTPF is currently working to ensure that the Fund is made whole
by receiving interest on the delayed payment.

“While we appreciate this partial payment, it is our fiduciary
responsibility to safeguard our members’ pensions, protect the
Fund, and make it whole. Our Board has made it clear to CPS that
we cannot accept anything less than full payment and compensation
for any delays, and our Trustees are fully committed to taking
whatever action is necessary to reach this outcome,” said Jay C.
Rehak, President of the CTPF Board of Trustees.