Mon Feb 17 CST (almost 2 years ago)
In your timezone (EST): Mon Feb 17 10:00am - Mon Feb 17 2:00pm
Hilton Chicago/Oak Lawn, USA
9333 S Cicero Ave, Oak Lawn, IL 60453, USA
Retirement Seminars 2020 - These seminars provide a one-stop shop for retirement information, including a general overview of the CTPF and CPS retirement processes. CTPF’s Member Services department will be available at all seminars to answer individual questions, assist with completing forms, and provide notary services.
The Chicago Teachers’ Pension Fund (CTPF) is committed to serving our members. Our pension fund serves more than 88,000 members and administers benefits totaling nearly $1.5 billion annually.
We provide for the financial security of a group of dedicated individuals who serve, or have served, the Chicago Public Schools/Charter Schools through a career in public service as teachers, principals and administrators. For more than 120 years, CTPF has protected the retirement and health of our members by working to continuously improve and safeguard their benefits. As the State of Illinois’ oldest public pension fund, we ensure that our members’ benefits and earned retirements are as enduring as the mark they have left on thousands of young lives throughout their careers.
Expert investing is the technical side of caring and we invest wisely locally, nationally, and globally — building portfolios and funding enterprises that support Minority, Women, and Disadvantaged Business Enterprise (MWDBE) firms. Coupled with an unwavering commitment to retirement security and wellness, we help create equity in the future for generations to come.
Mission & History
To provide, protect, and enhance the present and future economic well being of members, pensioners and beneficiaries through efficient and effective management of benefit programs, investment practices and customer service, and to commit to earning and keeping the respect and trust of the participants through quality service and by protecting retirement benefits, in compliance with applicable laws and standards.
Officially listed as “The Public School Teachers’ Pension and Retirement Fund of Chicago,” CTPF has been providing retirement, survivor, and disability benefits for certain certified teachers and employees of the Chicago Public Schools since 1895.
State Representative William C. Eakins of Chicago introduced a bill to the Illinois legislature “for the purpose of establishing a fund to be used to pension school teachers” on February 16, 1895. The legislation, authored by Charles Thornton, chair of the Chicago Public Schools Board of Trustees, gave the teachers of Chicago permission to establish a self-funded pension system. Pensions for teachers had been discussed in Illinois for decades, but this was the first time that the State legislature had taken action.
The legislation received widespread support and became law on July 1, 1895. The law helped to establish a system that would ensure the financial stability and dignity of teachers in retirement, not just in Chicago, but in the State of Illinois. All did not go well in those early years, but there were those who were committed to keeping the promise alive. Activist Jane Addams was elected President of the Fund in 1905 and immediately set about to reform pension laws to ensure sustainability for all members. In 1907, two bills were passed that set the course for the future: one bill reorganized benefits and granted teachers an elected Board of Trustees, and the second allowed the Board of Education to make contributions to CTPF from interest accumulated on education funds. This was the first time funding for pensions would come from sources other than teachers.
Where once the requests for annuities, refunds, and survivor benefits were handled directly by the Trustees and the Clerk of the Board, today CTPF operates as an independent organization, governed by the Board of Trustees and administered by the Executive Director, to oversee the day to day operations and to assure that benefits continue to be paid out on a timely basis.
Board of Trustees
The Chicago Teachers’ Pension Fund (CTPF) is governed by a 12-member Board of Trustees. Trustees include six trustees elected by the active teacher membership, one trustee elected by the active principals and administrators, three trustees elected by the retired membership, and two trustees appointed by the Board of Education.
Illinois statutes provide for a Board of Trustees to be responsible for the administration of CTPF. The Board of Trustees appoints the Executive Director to operate CTPF, and the Board and the Executive Director hire and monitor independent advisors to facilitate the operations of CTPF. Advisors include investment managers, investment consultants, a master custodian, a CTPF actuary, independent certified public accountants, a CTPF attorney, and other operational consultants.
The Board’s responsibilities include approving CTPF’s administrative budget, authorizing benefit payments, selecting investment professionals, initiating legislative changes affecting Fund benefits and operations, adopting actuarial assumptions, and appointing the CTPF actuary and legal counsel.
GENERAL BOARD GOALS:
General goals put in place to help achieve the Board’s mission include:
• Achieve customer service excellence
• Preserve fiscal integrity and financial stability of CTPF
• Conduct all phases of operation under the highest standards of ethics and morality
• Improve the quality of CTPF personnel by employing the most careful method of selection, training, and promotion
• Regularly inform CTPF members, pensioners, and beneficiaries regarding CTPF’s plans and progress toward its overall mission