What is Chicago Teachers’Pension Fund (CTPF)?
Chicago Teachers’ Pension Fund (CTPF) members enjoy a guaranteed pension for life, based on your tier level, final average salary, CTPF years of service, and a pension multiplier (currently 2.2% for service earned on July 1, 1998, or after).
How much will Chicago spend on teacher pensions in FY2021?
Though this cost is covered by Chicago taxpayers, it will provide dedicated funding for teacher pensions in the amount of $490 million in FY2021, putting CPS in a vastly improved position to fund its pension liabilities without impacting funding distributed to schools.
Why are CPs and the Chicago Teachers’ Pension Fund broken?
After years of pension holidays, overly generous pension benefits, a lack of transparency and rampant cronyism, both the CPS system and the Chicago Teachers’ Pension Fund, or CTPF, are now broke. It’s been almost three and a half years since CTU members walked out on more than 350,000 students in CPS.
Is the Chicago Teachers Pension Fund conducting a conflict of interest audit?
The NYT article went on to state that the board of the Chicago Teachers Pension Fund was reviewing a proposal by my firm to conduct a comprehensive conflict-of-interest audit of its investment consultant, Mercer Inc., a unit of Marsh & McLennan MMC -0.4%. The fund had $10.3 billion in assets and had been a Mercer client since 1990.
