June 30, 2019, Pension Funding Update
CTPF funds pensions through revenue returned on investments and from four external sources:
- the Chicago Board of Education
- the State of Illinois
- property tax levy
- member contributions
The current status of payments from external sources as of July 26, 2019, is as follows:
The Chicago Board of Education (CPS) was required to make a total payment to CTPF of $796.5 million for the 2019 fiscal year. As of July 26, 2019, CTPF has received $126.9 million from CPS toward the payment, and there is a balance due of $177.5 million. The balance is expected to be satisfied with additional revenue due from the State of Illinois and the tax levy (see below).
The State of Illinois has paid $207.9 million of the total $226.8 million normal cost portion of the overall CPS required contribution and an additional $18.9 million is expected to be received no later than August 2019. In addition, the State of Illinois has paid its additional required contribution of $12.1 million. This satisfies the required contribution under Section 17-127c of the Illinois Pension Code.
CTPF has received $284.2 million in property tax payments toward the 2019 required contribution and an additional $158.6 million is estimated to be received, as tax revenue is remitted, no later than August 2019.
Members have paid $164.2 million (CPS) and $22.3 million (charter schools) for the 2019 fiscal year.
CTPF will update this information at www.ctpf.org as additional payments are made.