During their January 15, 2026, meeting, the CTPF Board of Trustees reviewed a comprehensive analysis of the Fund’s Travel and Expense Policy following recent public attention on travel practices at Chicago Public Schools (CPS). The findings demonstrate that CTPF’s controls, oversight, and accountability measures are significantly stronger and fundamentally different from those issues raised in a recent report from the CPS Office of the Inspector General (OIG).
“In today’s environment, our members expect and deserve the highest standard of financial stewardship,” said Executive Director Carlton W. Lenoir, Sr. “This review confirms that CTPF’s Travel and Expense Policy (Policy) is strong, transparent, and responsible. At the same time, we remain committed to continuous improvement to ensure that every dollar spent supports our mission and strengthens our ability to serve our members.”
CTPF has a clearly defined process and budget for travel, underscored by the recent analysis. Findings from the CTPF review presented during the meeting show:
- No evidence of misconduct: The analysis confirmed that CTPF has no history of widespread abuse, and Trustee and staff travel remains within budget, pre‑approved, audited annually, and supported by detailed documentation. This is further supported by findings from a previous forensic audit, which examined six years of data and had no findings of abuse or misconduct.
- Robust travel controls: CTPF requires advance booking through administrative staff, caps airfare and daily expenses, limits the number of conferences, prohibits alcohol and entertainment reimbursements, and requires receipts for all expenses.
- Built‑in safeguards: CTPF’s policy restricts travel to one day before or after an event, limits international travel, forbids the use of travel agencies with hidden fees, and enforces clear written procedures. All of these areas were identified as lacking by CPS.
- Essential fiduciary training: The Board emphasized that professional development is critical for Trustees, most of whom begin service without prior pension or investment expertise. Educational travel is a key part of fulfilling their fiduciary obligations to members, and the value of in-person training was stated.
- Commitment to continuous improvement: Trustees discussed opportunities to strengthen transparency by sharing conference takeaways, reviewing policies under state guidelines, and identifying high‑quality educational opportunities annually.
The Fund’s Travel and Expense policy is available here: