Fund and Board Governance

The authority, duties and responsibilities of the Board of Trustees are established by the Illinois Compiled Statutes, the Boardís By-laws and Rules, and policies established by the Board to fulfill its fiduciary responsibilities.

Illinois Pension Code

Chapter 40 of the Illinois Compiled Statutes is commonly referred to as the Pension Code as it establishes laws applicable to Illinois public pension funds. CTPF is governed generally, by 40 ILCS Act 5, Articles 1 and 20, and specifically by 40 ILCS Act 5, Article 17 of the Illinois Compiled Statutes. These statutes are specifically applicable to CTPFís operating requirements including the authority of the Board of Trustees, fund benefits and the manner of eligibility and calculation of benefits.

Special Notice

Click here for a special notice about Public Act 97-0912.

CTPF Rules Governing Re-Employment
Click here for a summary of the act outlined in CTPF Rules Governing Re-Employment.
All CTPF retirees who return to work for a BOE/Chicago Charter School employer must read the rules governing re-employment and return CTPF Form 770.

Notice of Return to Work
Retirees who return to work for a BOE/Charter School employer must file CTPF Form 770, Notice of Return to Work before beginning employment. Click here for CTPF Form 770.

Public Act 97-0912
Click here to read the complete text of Public Act 97-0912.

Other Applicable Statutes

Chapter 5 of the Illinois Pension Code, includes statutes that reflect certain of the public policies of the State of Illinois and which are applicable to Illinois public pension plans.

The Illinois Open Meetings Act (5 ILCS 120) makes all meetings of public bodies open to the public if (a) attended by a majority of a quorum of the members of the public body and (b) held for the purpose of discussing public business. The law requires advance notice and the narrow construction of any exceptions.

As applied to CTPF, the Act makes all meetings attended by more than 3 Fund trustees open to the public. Notice of all such meetings of the Board, or subcommittees, is provided on the Fundís Website and by posting at the Fundís offices at least 7 days prior to those meetings.

All members of the public may attend these meetings. Link to all meetings scheduled

The Illinois Freedom of Information Act (5 ILCS 140) establishes the publicís right to full and complete information regarding the affairs of government and the official acts and policies of those who represent them as public officials and public employees. The Act establishes the process by which access to that information may be, with narrowly construed exceptions.

As applied to CTPF, the Act provides that members of the public may make requests for information regarding the Fund, with certain exceptions. Requests may be made on forms provided by the Fund, or by other written requests for information. (Link to FOIA Information & Form)

The Board of Trustees establishes and amends as needed its own by-laws and rules which delineate Board procedure and function. (Link to Bylaws & Rules)

The Board of Trustees has established an Ethics Policy and Code of Conduct applicable to Trustees, staff, and those who conduct business with or on behalf of the Fund. In addition, the State legislature has established an ethical duty applicable to all Boardís regarding educational requirements. (Link to Code of Conduct / Ethics Policy)

Trustees are required by state law to complete at least eight hours of training per year. The training includes training on ethics, fiduciary duty, investment issues and any other curriculum that the board of the pension fund establishes as being important for the administration of the pension fund. (Link to Trustee Education)

To fulfill its legal and fiduciary responsibilities the Board of Trustees has established a travel policy which meets the ethical and educational requirements of the State of Illinois. Trustee travel for educational purposes must be approved by a majority of the board prior to travel. Trustee educational travel is limited to the continental United States. (Link to Trustee Education Travel)

 
Last Modified 11 27 2006
 
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