CTPF Executive Director Testifies in Springfield
January 24, 2017, CTPF Executive Director Charles A. Burbridge offered testimony before the Illinois Senate Executive Committee in Springfield, Ill. The committee held subject matter hearings on several bills including Senate Bill 5 and Senate Bill 11, both sponsored by Senate President John J. Cullerton.
CTPF supports Senate Bill 5 which would provide additional revenue for the Fund, and Burbridge answered a series of questions about the proposal. “I appreciated this opportunity to testify on behalf of our members and to help the fact-finding process,” said Burbridge. “CTPF serves as an ‘honest broker’ in these discussions, and the information I shared helps our elected representatives understand the needs of our Fund and the impact that legislation will have on our long-term financial stability.”
- CTPF supports SB 5 which requires the State to contribute $215 million for fiscal year 2017, $221.3 million in fiscal year 2018, and pay the Fund’s “normal cost” beginning with fiscal year 2019. This bill helps bring financial parity with other state pension systems and ensures a stable revenue source for CTPF.
- CTPF has not taken a position on Senate Bill 11, a reform measure which offers “consideration” to active Tier 1* members who elect a future pension with an automatic annual increase based on the Tier 2 model.
- The Executive Committee did not take any action on either bill.
CTPF will continue to update members on the status of these bills, and will provide additional information as it becomes available.
*Tier 1 includes members who joined CTPF or a qualified reciprocal system before 1/1/2011.