Skip to main content

June 30, 2019, Pension Funding Update

News

CTPF funds pensions through revenue returned on investments and from four external sources:

  • the Chicago Board of Education 
  • the State of Illinois
  • property tax levy 
  • member contributions 

The current status of payments from external sources as of July 26, 2019, is as follows: 

The Chicago Board of Education (CPS) was required to make a total payment to CTPF of $796.5 million for the 2019 fiscal year. As of July 26, 2019, CTPF has received $126.9 million from CPS toward the payment, and there is a balance due of $177.5 million. The balance is expected to be satisfied with additional revenue due from the State of Illinois and the tax levy (see below).

The State of Illinois has paid $207.9 million of the total $226.8 million normal cost portion of the overall CPS required contribution and an additional $18.9 million is expected to be received no later than August 2019. In addition, the State of Illinois has paid its additional required contribution of $12.1 million. This satisfies the required contribution under Section 17-127c of the Illinois Pension Code.

CTPF has received $284.2 million in property tax payments toward the 2019 required contribution and an additional $158.6 million is estimated to be received, as tax revenue is remitted, no later than August 2019. 

Members have paid $164.2 million (CPS) and $22.3 million (charter schools) for the 2019 fiscal year. 

CTPF will update this information at www.ctpf.org as additional payments are made.

Share this page

This item has been archived and may contain content that is out of date.