Illinois General Assembly - Full Text of SR0082

SR0082 LRB104 10095 LAW 20167 r

SENATE RESOLUTION

WHEREAS, The members of the Illinois Senate wish to congratulate the Chicago Teachers' Pension Fund (CTPF) on the occasion of its 130th anniversary; and

WHEREAS, The Illinois legislature established the Public School Teachers' Pension and Retirement Fund of Chicago (the Fund), the first teachers' pension system in Illinois and the second in the nation, in order to help attract and retain professional teachers and to ensure the financial stability and dignity of teachers in retirement, with this pension system being enacted on July 1, 1895; and

WHEREAS, Under the governance of the Chicago Board of Education, the Fund struggled with funding in its early days and had difficulty in developing a sustainable model that would provide long-term financial security for its members; and

WHEREAS, The Fund's financial crisis became an issue of social justice taken up by activist and reformer Jane Addams, known as the "mother" of social work, who was elected as president of the Pension Board on August 30, 1905, and subsequently, she pushed for pension reform in the Illinois legislature; and

WHEREAS, Under Addams' guidance, improvements were initiated through the enactment of the pension reform law of 1907, setting the groundwork for stabilization and granting teachers control over governance by establishing an independent governing board that included six active teacher representatives; and

WHEREAS, CTPF has operated as an independent organization, governed by the board of trustees and administered by an executive director who oversees the operation of the Fund and assures that benefits continue to be paid out on a timely basis; and

WHEREAS, For the past 130 years, CTPF has weathered the historic events that have challenged our nation, including wars, conflicts, economic depressions, and recessions; and

WHEREAS, The Fund's first investment of $16,000 was wisely invested, and today, it includes more than $12 billion in diversified assets and pays more than $1.5 billion annually in benefits to CTPF members, thereby generating important economic activity for the State of Illinois; and

WHEREAS, CTPF trustees have set sound and responsible investment policies, and these policies have guided the Fund to achieve a long-term, 35-year rate of return of 8.34%, exceeding the Fund's target of 6.5%; and

WHEREAS, CTPF is at the forefront among pension and retirement systems throughout the United States in providing business opportunities with the Fund for Minorities, Women, and Disadvantaged-Owned Business Enterprises (MWDBE), investing $6.5 billion of the Fund's total assets, or 51.9% with MWDBE firms; and

WHEREAS, CTPF's excellent and transparent financial stewardship of public funds has been consistently recognized by the Government Finance Officers Association of the United States and Canada (GFOA), being awarded its prestigious Certificate of Achievement for Excellence in Financial Reporting for many years; and

WHEREAS, The Fund's membership has grown from 8,000 initial members to more than 96,000 total members, including nearly 33,000 active members and 27,350 annuitants who count on it as their primary source of financial security; and

WHEREAS, CTPF trustees continue to work to safeguard and secure benefits for their members, and together, with a dedicated staff, continue to fulfill the organization's stated mission to provide, protect, and enhance the present and future economic well-being of members, pensioners, and beneficiaries through efficient and effective management of benefit programs, investment practices, and customer service, and to commit to earning and keeping the respect and trust of its participants through quality service and by protecting retirement benefits, in compliance with applicable laws and standards; and

WHEREAS, CTPF's 130th anniversary serves as an opportunity to reflect on the achievements of the Fund and the educators it serves, while also looking forward to the future of education and the importance of sustainable pension systems; therefore, be it

RESOLVED, BY THE SENATE OF THE ONE HUNDRED FOURTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we congratulate the Chicago Teachers' Pension Fund (CTPF) on its 130th anniversary, thank the organization for serving its members, constituents, community, profession, and the citizens of Illinois with distinction, and wish the organization continued success for decades to come; and be it further

RESOLVED, That a suitable copy of this resolution be presented to the CTPF Board of Trustees as an expression of our esteem and respect.