Illinois General Assembly - Full Text of HR0698
Illinois General Assembly

Previous General Assemblies

Full Text of HR0698  101st General Assembly

HR0698 101ST GENERAL ASSEMBLY


  

 


 
HR0698LRB101 19158 MST 68621 r

1
HOUSE RESOLUTION

 
2    WHEREAS, The members of the Illinois House of
3Representatives wish to congratulate the Chicago Teachers'
4Pension Fund (CTPF) on 125 years of continuous operations; and
 
5    WHEREAS, On July 1, 1895, the Illinois General Assembly
6established the first teacher's pension system in Illinois, and
7the second in the nation, in order to help attract and retain
8professional teachers and to ensure the financial stability and
9dignity of teachers in retirement; and
 
10    WHEREAS, Under the governance of the Chicago Board of
11Education, the CTPF struggled in its early days with funding
12issues and had difficulty developing a sustainable model that
13would provide long-term financial security for its members; and
 
14    WHEREAS, The financial crisis in the pension fund became an
15issue of social justice and was taken up by activist and
16reformer Jane Addams, who was known as the "mother" of social
17work; she was elected to the pension board as president on
18August 30, 1905 and subsequently pushed for pension reform in
19the State legislature; and
 
20    WHEREAS, Under the guidance of Jane Addams, the pension
21reform law of 1907 enacted reforms that set the groundwork for

 

 

HR0698- 2 -LRB101 19158 MST 68621 r

1stabilization and granted teachers control over governance by
2establishing an independent governing board with
3representation that included six active teacher
4representatives; and
 
5    WHEREAS, CTPF has operated as an independent organization,
6governed by a board of trustees and administered by an
7executive director who oversees operation of the fund and
8assures that benefits continue to be paid out on a timely
9basis; and
 
10    WHEREAS, For the past 125 years, CTPF has weathered the
11historic events that have challenged our nation, including
12wars, conflicts, economic depressions, and recessions; and
 
13    WHEREAS, The pension fund's first investment of $16,000 was
14wisely invested, and today, the fund includes over $10 billion
15in diversified assets; it pays over $1.5 billion annually in
16benefits for CTPF members, which generates important economic
17activity for the State of Illinois; and
 
18    WHEREAS, CTPF trustees have set sound and responsible
19investment policies, and these policies have guided the fund to
20achieve a long-term, 35-year rate of return of 8.54%, exceeding
21the fund's target of 7.0%; and
 

 

 

HR0698- 3 -LRB101 19158 MST 68621 r

1    WHEREAS, CTPF's excellent and transparent financial
2stewardship of public funds has been consistently recognized by
3the Government Finance Officers Association (GFOA) with the
4awarding of a prestigious Certificate of Achievement for
5Excellence in Financial Reporting; and
 
6    WHEREAS, The fund's membership has grown from 8,000 initial
7members to over 87,000 total members, including nearly 29,000
8active and 28,500 pensioners who count on the fund as their
9primary source of financial security; and
 
10    WHEREAS, The trustees continue to work to safeguard and
11secure benefits for the fund's members, and together, with a
12dedicated staff, continue to fulfill their mission; therefore,
13be it
 
14    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE
15HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
16we congratulate the Chicago Teachers' Pension Fund (CTPF) on
17125 years of continuous operations, and we wish them many more
18successful years; and be it further
 
19    RESOLVED, That a suitable copy of this resolution be
20presented to the Board of Trustees of the Chicago Teachers'
21Pension Fund as a symbol of our respect and esteem.