By way of introduction, I am Philip Weiss. I have been a Chicago Public Schools ODLSS Social Worker since 1998. Currently, I work at Rickover Naval Academy High School. I received my Bachelors of Science degree from the University of Illinois Champaign, my Master’s Degree in Social Work from Loyola University and a Second Master’s Degree in Education Administration from National Louis University. I hold a Type 75 Administration License, a Type 73 School Social Work License and a Social Work Clinical License (LCSW). Additionally, I am a member of the National Association of Social Work (NASW).
I am running for Trustee of the CTPF because I am concerned about keeping our pension assets Safe and Fully Funded. CTPF is the oldest pension in Illinois, however, our assets are only funded at 47.5%. That is an undeniable fact. Our liabilities outweigh our financial commitments. Many stakeholders believe that our pension is funded at an acceptable level. I do not share that belief. I also do not believe that our overall Return On Investment (ROI) is at a level demonstrating Maximization of Profits. The CTPF mission is clear, to provide, protect and enhance the economic well-being of our members. Are we truly meeting our mission? The answer is NO.
Let’s be honest, Chicago is struggling to keep the lights on and has a shrinking tax base. The COVID crisis and Chicago’s overall high operating costs have added to our debt and liabilities. Moving forward, Chicago will continue to struggle to make deposits into our pension fund. Our pension durability and stability remains “at Risk.” We, as civil servants, received a promise, that promise was for financial stability if we put in our years of service. I intend on ensuring that promise is kept for our members.
On a personal note, I have owned and traded various types of securities and commodities, including stocks, bonds, oil and precious metals since I was 12 years old. I watch for trends, identify companies that are on the cutting edge in their respective fields, and make fiscally sound purchases. I also invest directly in start-up companies, as an angel investor. I am a firm believer in being financially prepared for the future. Since joining CPS, I have invested in both the Roth IRA and participate in the 403B VALIC Tax Shelter Annuity. Additionally, I founded two different corporations, that owned and rented two dozen apartment units to lower income families. My responsibilities included all the financial and accounting work for these properties and for the LLC’s. I take investing and my family’s financial well being seriously. I do this because I care about my health and my financial security.
Please consider my candidacy for Active Teacher Trustee of the Chicago Teachers Pension Fund. I am looking forward to applying my time, experience and extensive knowledge to Expand Our Wealth. I will be a voice in making sound investment decisions. I will be an Advocate for Sustainable and Durable investments that expand our Rate of Return. I will work to ensure retirees receive their hard earned PROMISED pension payments. Members, you have satisfied your commitment with labor and time. Now, it’s time to ensure CTPF is able to hold up their end of the bargain, with consistent sustainable non diminished retirement payments.
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