b"February 16, 1895, State Representative William C. Eakins of Chicago introduced a bill to the Illinois General Assembly for the purpose of establishing a fund to be used to pension school teachers. 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 which would ensure the financial stability and dignity of teachers in retirement, not just in Chicago, but in the State of Illinois. 1895 1896 1900Friday, May 29, Illinois General Assembly passes aSixteen women and one manThe Fund suffers from financial stress as the pension bill with great enthusiasm with a voteare granted pensions. incoming receipts are not enough to meet of 116 to 3. The first pensions are 100% teacherCarolyn K. Sherman thethe growing pension roles. The cash reserves funded with a 1% compulsory withdrawal fromFund's first femaleare overdrawn by $1,300. The Fund sells salary. Maximum pension is set at $600 per year.President elected.assets to pay pensions. November 10, a Monday, July 1, Pension law in force.group of teachers demand that the Pension Governance of the Fund is managed by the Board1897 Board hire an actuary to examine the of Education, Superintendent of Schools, and twopension law and to recommend changes that elected representatives from the At the November meeting thewill ensure solvency.teachers and employees.Committee on Finance presented the1901Funds first financial Statement with Charles Thornton, the father ofincome of $82,160.25, expenses ofThe actuary finds the current law pension legislation, named first$19,490.49 and sets aside $57,200inadequate to sustain pensions and President of the Pension Fund. for investments. recommends revisions.1933 1944 1964The first full time employeeThe Fund creates the position ofConsistent with recent changes in the devoted to the Fund is hired,Executive Secretary who is responsibleIllinois Pension Code, February, 21, 1964, the Robert B. Calloway, a clerk,for day-to-day administration. ArleneCommittee on Investments issues a policy was paid $150 per month.Mayhew is named to the position andallowing and governing common stock 1936 serves until 1948. investments, recommending a group of domestic investments from several industries Pension Fund office was1953 including automobile, bank, building, located at 228 N. LaSalleA Widows pension is instituted forchemical, drug, electrical products, food, Street and remained hereindividuals married at least 7 years.machinery, metals, oil, paper, retail, steel until 1982. and utilities.1991 1995 1997 Barbara CaldwellThe Board of Education redirects the pension tax levyCharter schools are formed in the Funds first African -to their operating budget, kicking off nearly a decadeChicago and qualifying American President,of underfunding for CTPF pensions. CPS promises toemployees are required to elected (1991-1993). resume payment to the CTPF when the funded ratioparticipate in the Fund.falls below 90%. The State of Illinois agrees to contribute 20-30% of the contribution made to2002downstate/suburban teachers pensions. Maria J. Rodriguez 1992 the Funds first 1996Hispanic President, CTPF moves to 55CPS failed to make regular pension contributions forelected West Wacker Drive. nearly a decade (1996-2005), which cost CTPF (2002-2004).$2 billion in contributions.4"