During their meeting on September 19, 2024, the CTPF Board of Trustees adopted a resolution affirming CTPF’s position as an independent organization.
“Since 1895, CTPF has been an independent organization, charged with protecting the retirement security of Chicago’s educators,” said Board of Trustees President Jeffery Blackwell. “CTPF Trustees are fiduciaries sworn to protect the Fund and its members. This resolution reiterates this position in opposition to a merger with any entity, providing certainty for members and stakeholders."
The resolution which was passed by a vote of 10 ayes and one nay reads as follows:
Resolution Affirming the Chicago Teachers’ Pension Fund’s Position as an Independent Organization
WHEREAS, the Board of Trustees of the Public School Teachers’ Pension and Retirement Fund of Chicago, commonly known as the Chicago Teachers’ Pension Fund (CTPF) was established in 1895 and is the oldest pension fund in Illinois and the second oldest in the nation; and
WHEREAS, CTPF was established 37 years before Social Security, based on the ideal of providing security and dignity for Chicago’s retired educators who faithfully served the children of Chicago; and
WHEREAS, this Fund set a precedent for self-governance in 1907, when the Illinois legislature established an independent Board of Trustees to govern the Fund with a majority of the Trustees elected directly by the membership; and
WHEREAS, CTPF has set a high standard for efficient management and customer service, operating transparently, and with the best interest of its members at the core of its mission; and
WHEREAS, for nearly 130 years, the CTPF Board of Trustees have set investment policies which have produced strong returns, exceeding 8.5% over the last 35 years, and leading the nation in providing opportunities for MWVDBE investment managers; and
WHEREAS, the members of the Board of Trustees, as sworn fiduciaries, must always act in the best interest of the Fund and its members.
THEREFORE, the Board of Trustees of the Public School Teachers’ Pension and Retirement Fund of Chicago hereby resolves, as follows:
- Affirmation of Independence: the Board of Trustees reaffirms that the Chicago Teachers’ Pension Fund (CTPF) shall remain an independent entity. This independence, held since 1895, is vital to its mission of providing, protecting, and enhancing the economic well-being of the Fund’s 94,000+ members.
- Opposition to Asset Mergers: the Board of Trustees declares that merging CTPF’s assets with any other entity would introduce an unacceptable level of risk to the Fund’s members. The Board is committed to preserving the integrity and security of CTPF assets for the exclusive benefit of its members.
- Protection of the Tax Levy: the Board of Trustees asserts that the tax levy,
re-established in 2016 and increased in 2017, provides stable revenue after many years of underfunding, and must be fully preserved for the exclusive use of the Chicago Teachers’ Pension Fund. Any diversion, redirection, or reduction of this levy for other purposes is unacceptable. - Commitment to Strong Governance: the Board of Trustees emphasizes its ongoing commitment to strong governance, transparency, and acting in the best interest of the Fund’s members as an independent, self-governing entity exclusively serving Chicago’s educators.
ADOPTED
September 19, 2024
The resolution can be viewed here and will be shared with stakeholders.