Members with gross income exceeding certain amounts set by Medicare must pay a monthly Income Related Monthly Adjustment amount (IRMAA) for Medicare Part B and Part D coverage premiums. If you are impacted by IRMAA, you must pay your Medicare Part D *IRMAA payments directly to Medicare.  

February 19, 2025 - Springfield, CTPF Executive Director Carlton W. Lenoir, Sr., testified before the Illinois Senate Pension Committee, chaired by Robert F. Martwick (D), on February 19, 2025. He discussed CTPF's funding history, legislative priorities for 2025, and the Tier 2 Safe Harbor requirements.  

“I want to thank Chair Martwick and the Committee members for making the time for this important subject matter hearing,” remarked Executive Director Lenoir. “Educating Illinois lawmakers about the mistakes of the past so that they cannot be repeated is a critical element in our legislative strategy and we appreciate this opportunity.”  

During his testimony, Lenoir called attention to the fact that CTPF’s funding ratio has fallen from 100.8% in 1999 to 48.1% in 2025, primarily due to a lack of revenue. Before 1995, CTPF received its primary funding from a tax levy. A funding crisis at the Chicago Public Schools in the mid-1990s resulted in an agreement that fundamentally changed the structure of pension funding when legislation redirected the tax levy for pensions into the CPS operating budget.