HR0816 98TH GENERAL ASSEMBLY

HR0816 LRB098 16987 EFG 52069 r

HOUSE RESOLUTION

WHEREAS, The Chicago Teachers' Pension Fund serves 18% of the teachers in Illinois but receives less than 1% of State funding for teachers pensions; and

WHEREAS, For every dollar allocated to downstate and suburban pensions, Chicago teachers receive less than a penny; and

WHEREAS, Chicago's taxpayers bear a double burden, funding the Teachers' Retirement System of Illinois and its own system, the Chicago Teachers' Pension Fund, without equal benefit; and

WHEREAS, Pursuant to Public Act 89-0015, the Illinois General Assembly agreed that each fiscal year it would make a contribution to the Chicago Teachers' Pension Fund in an amount equal to 20-30% of the contribution the State makes in that fiscal year to the Teachers' Retirement System of Illinois; and

WHEREAS, In an attempt to mitigate the potential for underfunding the Chicago Teachers' Pension Fund in the future, Public Act 89-0015 required the State to use its best efforts to make enhanced contributions to the Chicago Teachers' Pension Fund when its funded ratio dropped below 90%; and

WHEREAS, The Chicago Teachers' Pension Fund Board of Trustees, which is comprised of contributors, annuitants, administrators, and Board of Education appointees who serve in a fiduciary capacity on the board, supports enhanced funding for the Chicago Teachers' Pension Fund; and

WHEREAS, Jay Rehak, Lois Ashford, Raymond Wohl, Jeffrey Blackwell, Tina Padilla, Bernie Eshoo, Walter Pilditch, Mary Sharon Reilly, Robert Bures, Jerry Travlos, Dr. Carols Azcoitia, and Andrea Zopp support full funding for the Chicago Teachers' Pension Fund and urge the State of Illinois to fulfill its promise to fund pensions for Chicago teachers; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that it is the sense of this House that the Illinois General Assembly must make annual contributions to the Chicago Teachers' Pension Fund in an amount equal to 20-30% of the amount of the annual State contribution to the Teachers' Retirement System of Illinois.