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.”

More Information

• 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.