During their October 17, 2024, Meeting, the CTPF Board of Trustees adopted the following legislative priorities for 2025.
SB 1188 Penalty Reduction Amendment
Sponsored by Sen. Robert F. Martwick
Click here to view the bill on the Illinois General Assembly Website.
This change reduces penalties on members who exceed the return-to-work limitations.
This would alleviate a disproportionate financial burden on members, decrease the administrative responsibility for staff, and greatly reduce the administrative costs of enforcement.
SB 1893 PEN CD- CTPF Annual Health Insurance Costs
Sponsored by Sen. Robert F. Martwick
Click here to view the bill on the Illinois General Assembly Website.
This proposal would increase annual partial reimbursement for health insurance for CTPF retirees from $65M to $100M, and
Provide for an inflation adjustment for the subsidy based on the consumer price index-u.
This change aims to address the rising costs of health insurance and the growing number of retirees, ensuring that the subsidy provided to pensioners remains sustainable.
CTPF has provided a subsidy for health insurance, with periodic increases, since 1986. The current subsidy amount has been capped at $65 million since 2004.
This bill enjoys widespread support from CTPF’s 96,000 members and from the Retired Teachers Association of Chicago.
SB 1934 PEN-CD Tier 2 Survivor Benefit
Sponsored by Sen. Robert F. Martwick
Click here to view the bill on the Illinois General Assembly Website
Senate Bill 1934 aims to clarify the calculation of Tier 2 survivor benefits in cases where there are both a spouse and minor children survivors.
Purpose: The bill clarifies the language around Tier 2 survivor pensions, ensuring that the maximum survivor benefit of 66 2/3% is shared on a pro-rata basis among multiple survivors, consistent with Tier 1 calculations.
Current Statute Issues: The current statute does not specify how to divide survivor benefits between a spouse and minor children, prompting the need for this legislation to ensure uniform interpretation and minimize litigation risks.
Impact: CTPF consulted with other reciprocal funds and shared the clarifying language. The measure does not change the current calculation methods used by these funds.
Resolutions
HR0079 House Resolution Congratulations CTPF
SR0082 Senate Resolution Congratulations CTPF
Other Priorities
Continue to support the provisions of HB 4098 (103rd GA) or measures similar to its provisions amending Tier 2.
In the 103d GA, the Trustees supported HB 4098 which had the following components:
Changes the ages at which Tier 2 members in SERS, TRS, and SURS may retire with an unreduced annuity.
Increases the Tier 2 Pensionable Salary Cap to Social Security Wage Base in SERS, SURS, TRS, GARS, JRS, and CTPF.
Changes Tier 2 COLA, to increase by the greater of the preceding 3-year rolling average of 3% or ½ the annual unadjusted percentage increase (not less than zero) in the CPI-U. Tier 2 retirement annuities will continue to be non-compounded in SERS, TRS and CTPF.
Provides Additional Funding to Pension Unfunded Liability Reduction Fund.
Adjusts Funding Ramp to 100% in 2050 from 90% in 2045 for the Five State Systems and Additional Contributions.
Continue to support discussions in pursuit of amendments to the Open meetings Act to provide for remote meetings at the discretion of the organization or to support future legislation brought forward that aligns with the Fund’s priorities.
Pursue routes to achieve Equitable Funding for CTPF between 20% and 30% of Article 16 Retirement System (ILCS 5/17-127(b)-Financing; Revenues for the Fund).