Board of Trustees Votes to Divest from Public Market Holdings in Private Prisons and Detention Centers
Board Takes Action to Protect Public Safety, Public Service Employees, and the People they Serve
CHICAGO – August 17 - The Chicago Teachers’ Pension Fund (CTPF) Board of Trustees voted for CTPF to divest and to prohibit future investment in private prison companies and businesses that operate immigration detention centers.
Open Enrollment for 2019 CTPF health insurance plans runs from October 1-31, 2018. During this time, eligible CTPF members can join a plan for the first time or change plans. CTPF will offer seminars and webinars with information about plan choices, changes, and costs. Changes made during Open Enrollment become effective January 1, 2019.
Established by the Illinois state legislature in 1895, the Chicago Teachers’ Pension Fund (CTPF) manages assets for nearly 86,000 members and provides pension and health insurance benefits to more than 28,000 current beneficiaries.
After retiring from CPS in 2006 following more than 30 years of teaching, James Paskiewicz and his wife, Linda (herself a retired teacher from a parochial school), began a second career in small-scale real estate: building and selling birdhouses.
Thursday, July 19, 2018, Chicago Teachers’ Pension Fund Board of Trustees appointed James Cavallero to serve as a Teacher Trustee. Trustee Cavallero will serve out the remainder of Trustee Bernice Eshoo’s term, until the Board’s regular November meeting. Trustee Eshoo retired from active service in June.
For most of her 35-year career with CPS, Bonnie Glassner taught students with disabilities, incorporating visual art work into her lessons whenever possible in order to combine her two loves of teaching and art. Retiring from teaching in 2012 provided more time to focus on her art, so Bonnie began crafting and creating mixed media pieces. This eventually led to her discovery of alcohol ink—an acid-free and highly-pigmented substance that creates vibrantly-colored works—and she knew she had found her medium.
The Chicago Teachers’ Pension Fund (CTPF) Board of Trustees voted to take a position against HR 6290, the Public Employee Pension Transparency Act (PEPTA), recently reintroduced by Congressman Devin Nunes (R-CA) and cosponsored by Ken Calvert (R-CA), Chris Stewart (R-UT), and Tom McClintock (R-CA).
After years of serving CPS as an art teacher, art curriculum developer, and graphic artist, Patricia Stewart was able to really tap into her artistic side when she retired in 2010. Her works include paintings, collages, dry pastels, and acrylics, with each piece having its own distinctive style. She draws inspiration from her extensive travels, cultural background, and love of jazz, using them to create abstract, spiritual, and whimsical pieces.
When she retired from being a band director and general music teacher in 2004, Janine Ptasinski was in no way ready to slow down or let go of her creative spirit. In fact, she decided to double down on her artistic efforts, taking on creative endeavors she had never before explored.
CTPF Launches New Website
The completely redesigned website, ctpf.org, features a cleaner, more comprehensive layout, creating a better user experience for all audiences
The Chicago Teachers’ Pension Fund (CTPF) launched a completely redesigned website at www.ctpf.org. This newly redesigned website offers quick and easy access to essential information, and offers a more intuitive user experience. The new website has a clean, uncluttered design, improved functionality and navigation, and enhanced, updated content.
In accordance with the Pension Board Bylaws, following Trustee Eshoo’s resignation, the Board declared a vacancy in a Teacher Trustee position. The Vacancy Committee appointed by Board President Jay Rehak includes Trustees Lois W. Ashford (chair), Jeffery Blackwell, and Mary Sharon Reilly. The committee will evaluate candidates and make a recommendation to the Board at the next regular meeting on July 19, 2018. The individual appointed to fill the position will serve until this fall’s annual election in November.
After retiring from teaching in 2007, Joel Levin took on a project paying homage to his first career as a ballpark vendor, which he did from 1962-1976. Together with co-author and amateur photographer Lloyd Rutzky, he has written Wrigley Field’s Amazing Vendors, a book that shares photographs and stories of the unique cast of characters that sold goods at Wrigley Field during the 1970s.
CTPF extends its congratulations and best wishes for a long, happy, and productive retirement to CTPF Trustee Bernice Eshoo, who announced her retirement from CPS after 34 years of service. A tireless advocate for students, Trustee Eshoo has been a dedicated volunteer for various student-focused organizations and has served on several other committees and boards in addition to her duties as a CTPF Trustee.
It’s not unusual for retired teachers to tap into their artistic sides once retirement provides them with the free time to do so. After retiring in 2012, Cindy Roder decided to try her hand at a new type of creative outlet: Zentangle drawing.
After retiring in 2007 following 34 years of service with CPS as a speech/language pathologist, Carolyn Scribner didn’t just redefine retirement, she renamed it: re-wirement.
CTPF Board Passes Unanimous Resolution Supporting Opioid Lawsuit
CTPF Trustees support action against companies which created and continue to perpetuate the nation’s opioid crisis
During their meeting on Thursday, May 17, 2018, the Chicago Teachers’ Pension Fund (CTPF) Board of Trustees (Board) unanimously passed a resolution supporting a lawsuit brought by local governments and Health & Welfare Funds against the pharmaceutical manufacturers, wholesalers, distributors, and pharmacy benefit managers who have helped to create and perpetuate the nation’s opioid crisis. The action also demonstrates the Board’s support and obligation to continue to protect CTPF’s members in administering and contracting for the health insurance program that CTPF offers to its retirees.
CTPF Provides $1.9 Billion Positive Impact to Illinois Economy
CTPF Releases 2018 Economic Impact Statement
The Chicago Teachers’ Pension Fund (CTPF) today announced the release of its 2018 Economic Impact Statement. CTPF made $1.3 billion in direct payments to annuitants living in Illinois in 2018. Those payments had a $1.9 billion impact on the Illinois economy, supporting 14,704 jobs in the state. The Buck Stays Here: Understanding the Economic Impact of CTPF Benefit Payments on the State of Illinois and the City of Chicago is produced annually and details CTPF’s impact on the State of Illinois and the City of Chicago. The 2018 edition breaks out economic impact by Chicago Ward for the first time.
CTPF Maintains Policy to Divest from all Investments in Retail Assault Weapons Manufacturers
CTPF Applauds AFT Call for Investor Action to Hold Gun Manufacturers Accountable for Risks to Society
The Chicago Teachers’ Pension Fund (CTPF) applauds the American Federation of Teachers (AFT) for its report issuing a call to action asking investors to hold gun manufacturers accountable for risks to society. In January 2013, responding to the tragedy at Sandy Hook Elementary School, CTPF’s Board of Trustees took action to . CTPF Trustees continue to hold fund managers accountable for following this policy to protect teachers and students from mass violence. The AFT issued a report urging all pension fund trustees to meet with their asset managers, engage in meaningful dialogue, and take action by addressing risk exposure through divestment.
Before retiring in 2012, Elizabeth Landerholm had a diverse teaching career that included teaching preschool through third grade, supervising preschool student teachers, and running an Even Start after-school program. She loved working with and helping people—a good trait for a teacher!—and wanted to find a way to continue doing that even though she was retiring from teaching. Her quest eventually put her on the path of energy healing.
With the recent release of the Chicago Tribune editorial and story, CTPF has been receiving messages from members concerned about their pensions. CTPF has a stable funding plan which will bring our funded ratio up from the current 50.1% to 90.0% by 2059. Pensions for CTPF members are guaranteed, and CTPF has never missed a pension payment.
Members who received notification about the health insurance premium subsidy rebate must submit their application by August 31, 2018. This video walks you through the acceptable forms of proof that may accompany the application.
Thursday, March 15, 2018, the Chicago Teachers’ Pension Fund Board of Trustees appointed Lois Nelson to serve as a Pensioner Trustee until the Board’s November 2018 meeting. Trustee Nelson temporarily fills the vacancy created by Dr. Walter E. Pilditch’s death on December 24, 2017. There will be an open election this fall to complete the remaining year of Dr. Pilditch’s two-year Pensioner Trustee term.
With a natural talent for art—particularly drawing portraits—in her youth Migdalia Galarza dreamed of becoming an artist, but like many others, felt the pressure to find the stability of a “real” job. She began working as a substitute teacher for CPS, took night classes to earn her certification (which she achieved in 1993), then worked as a full time teacher until she retired from Sabin Magnet Elementary School in 2012.
After retiring from Claremont Math and Science Academy in 2012, Joy Reeves was ready for a new challenge. Her grandson had recently taken up playing the saxophone, and seeing how much fun he was having learning a musical instrument, Joy knew what she wanted to do with her newfound free time.
Nineteen years ago this week, Glenn Anderson left his teaching job at Taft High School, unsure of what came next. Several friends and colleagues who had retired moved south and just sort of faded away, and at a spry 56 years old, with his mind and body still relatively intact, Glenn decided that wasn’t the life for him, and regarded the end of his teaching career not as retirement, but “leaving with a pension.”
On December 24, 2017, Dr. Walter E. Pilditch, a Pensioner Trustee, passed away following a short illness. Trustee Pilditch will be missed by the Board of Trustees and Fund staff. We will always remember and appreciate his dedication to education and the retirement security of the Chicago teaching community.
Walter E. Pilditch, a CTPF Trustee for more than 20 years, passed away on December 24, 2017, after a brief illness.
After teaching art at Walt Disney Magnet School for more than 30 years, Anne Hollenbeck quickly sought out a new artistic outlet when she retired in 2010, and began volunteering at Lurie Children’s Hospital.
CTPF Files Suit against Prologue, Inc., for Failure to Report Teachers and to Make Pension Contributions
The Chicago Teachers’ Pension Fund (CTPF) today filed a , the operator of the now-closed Joshua Johnston Charter School for Fine Art and Design (Johnston). The suit alleges that between at least January 2013 and June 2016, Prologue failed to report the employment of licensed teachers and to pay pension contributions to CTPF as required by the Illinois Pension Code on behalf of those teachers. As shown in the audit, Prologue reported only 6 out of 16 Johnston licensees in Fiscal Year 2014 and, despite Johnston having 17 licensees in Fiscal Year 2015 and 14 licensees in Fiscal Year 2016, Prologue reported no teachers or other licensed employees to CTPF for either of those fiscal years. The suit also names the organization’s Chief Executive Officer Nancy E. Jackson and Chief Financial Officer and Pension Officer Jack Robertson, asking the court to hold them personally accountable for their actions.
Rather than using retirement as an excuse to slow down, Cheryl Portwood-Peden Emery is using her newly-found free time to do all the things she always wished she had the time for.
A popular answer when asking a new retiree what they plan to do with their time is “travel.” But Kathy Konopasek has taken the concept of traveling when retired to a whole new level.
The Chicago Teachers’ Pension Fund (CTPF) today announced that it invested $4.0 billion, more than one-third of total fund assets, with Minority, Women and Disabled-Owned Business Enterprise (MWDBE) firms. The Fund’s work was highlighted during October testimony presented to legislators at an Illinois Senate Committee hearing on Pensions and Investments.
The Chicago Teachers’ Pension Fund (CTPF) Board of Trustees unanimously voted to adopt a resolution affirming its commitment to U.S. infrastructure investment during its meeting on September 21, 2017.
On Thursday, August 31, 2017, Governor Rauner signed Senate Bill 1947 into law. The bill was passed earlier this week by both the Illinois House and Illinois Senate. This legislation makes changes to Illinois’ school funding formula, and requires the State to pay the long-sought normal cost of Chicago teachers’ pensions.
This morning Governor Rauner used his amendatory veto on Senate Bill 1.
The Chicago Teachers’ Pension Fund’s ongoing antitrust litigation involving the world’s largest banks cleared a major hurdle on July 28, 2017, when Judge Paul Engelmayer of the U.S. District Court for the Southern District of New York ruled that the suit could proceed. The Fund’s lawsuit, filed in November 2015, alleges that the world’s largest investment banks conspired to engineer and maintain a collusive and anti-competitive stranglehold over the market for interest rate swaps (IRS), in violation of federal antitrust laws.
Thursday, July 20, 2017, Chicago Teachers’ Pension Fund Board of Trustees voted for Gregory Redfeairn to serve as a Teacher Trustee. Redfeairn will serve out the remainder of Raymond Wohl’s term, until the Board’s regular November meeting. Trustee Wohl retired from active service in June.
As a school psychologist and special education administrator with 35 years of experience mostly on the West Side, Dianne Yonkers knows better than most the difficulty that life transitions can cause. She has helped countless students transition from elementary to high school and beyond, and well understood the importance of planning and organizing her post-retirement life.
The Chicago Teachers’ Pension Fund (CTPF) released its which details the important impact pensions have on the economy of the State of Illinois and the City of Chicago. CTPF made $1.2 billion in direct payments to annuitants living in Illinois in 2017. Those payments had a $1.8 billion impact on the Illinois economy, supporting 13,723 jobs in the state.
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.
After 34 years as a CPS nationally board certified physical education teacher, Gary Wojton left Peterson Elementary School and was ready for a change. A move to Scottsdale, Arizona, in 2008 could have had all the makings of a sleepy retirement, but Gary wasn’t looking to slow down. He immediately landed a job with the Scottsdale Unified School District as an instructional assistant, tutoring reading and/or math, and then set out on his own path of learning.
April 4, 2017, CTPF Executive Director Charles A. Burbridge traveled to Springfield to testify before the House Appropriations-Elementary & Secondary Education Committee during a subject matter hearing which included House Bill 2948. The bill, sponsored by Representative William Davis (D- East Hazel Crest), Committee Chair, addresses the issue of State of Illinois pension parity for CTPF.
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.
“Education funding reform is a must for our state and pension parity is one important avenue for achieving this goal.”
On Thursday, December 1, Gov. Bruce Rauner vetoed a bill that would appropriate $215.2M to the Chicago Teachers’ Pension Fund for FY 2017. The Illinois Senate immediately moved to override the veto by a vote of 36-16. The House has up to 15 days to pass the funding bill that will support Chicago’s students and teachers.