b'2022 LEGISLATIVE UPDATEFinancialDuring the spring legislative session, the Illinois General Assembly unanimously passed two measures designed to help Snapshot address the shortage of Chicago Public School (CPS) substitute teachers/administrators, and another which allows the purchase RETURN ON INVESTMENTS of prior teaching service in private schools for a limited time.As of June 30, 2022 RETURN TO WORK LEGISLATIONPublic Act 102-1090 applies to retirees working during the period July 1, 2022, to June 30, 2024. The bill amends the return-to-work statute for retired CTPF teachers and Net RateTotal Fundadministrators. The legislation increases the number of days on which a retiree can of Return Benchmarks return to work on a temporary and non-annual or hourly basis without having their benefits cancelled from 120 to 140 until June 30, 2024. Additionally, the compensation 1 Year-8.82%-11.05%limits previously in effect have been removed.3 Year 6.93%5.35% Public Act 102-1013 allows a retiree to return to workwithout limitation orcancellation of their pension under certain circumstances. Retirees returning to work 5 Year6.94% 6.15%under this provision must be employed in a subject shortage area for an employer that 10 Year8.14%7.53%has demonstrated that they cannot otherwise fill the position(s). This legislation was signed by the Governor on May 27, 2022, and expires June 30, 2024. 25 Year6.81% 6.38% ADMINISTRATIVE RULES UPDATESThe CTPF Administrative Rules - Return to Work were amended and no longer apply to 20 individuals working for third party vendors or as bona fide independent contractors. 1816 Other changes were made to make the appeals process more user friendly and to 1412 allow for additional repayment options due to financial hardship.108 See ctpf.org/returntowork for additional information.6420-2-4 PRIVATE SCHOOL SERVICE -6-8-10 CREDIT PURCHASE AVAILABLE-12-16 1 Year 3 Year 5 Year10 Year25 Year-18 Public Act 102-0822 allows a member to establish credit -20 for up to two years of service as a teacher or administrator employed by a private school recognized by the Illinois State Rate of Return Board of Education.Total Fund Benchmarks The member must meet eligibility requirements to complete the credit purchase, including:1.Having served as a contributing teacher for a CTPF employer for at least 10 years.As of June 30, 2022, the2.Having been certified under the law certifying teachers when approximate current valuethe service was performed.of CTPFs investments was3.Applying in writing for the credit no later than May 13, 2024.$11.5 billion. 4.Paying the employee and employer required contributions plus interest, for the period being requested. The first-year annual salary rate during covered employment will be used to calculate the amount of the contributions to be paid by the member. 5.Demonstrating that service credit for this period has not been received under any other provision of the Pension Code.Members who wish to apply for private teaching service must complete CTPF Form 685 available at ctpf.org/forms.6'