With the current volatility in the financial markets, members may be concerned about the security of their pension. CTPF pensions are secure. When members vest, they qualify for a lifetime pension, guaranteed by the Illinois Constitution. Pensions are determined by a formula, and do not change with market conditions.

 We understand that some members received letters indicating that because of changes due to the Social Security Fairness Act, CTPF will no longer be able to make payments to Medicare on their behalf.  

For many years, CTPF has offered its MedPay service, which makes payments for Medicare Parts A and/or B for some members who must pay for these benefits. The Centers for Medicare and Medicaid Services (CMS) has cancelled CTPF’s ability to make payments on behalf of some members. These members may now receive Social Security (SSA) payments, (or increased SSA payments), and CMS will withdraw Medicare premium payments directly from these benefits. This automatic SSA payment makes the third-party payment by CTPF unnecessary.