Illinois 2025-2026 Regular Session

Illinois Senate Bill SR0082 Compare Versions

Only one version of the bill is available at this time.

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3	3	1 SENATE RESOLUTION
4	4	2 WHEREAS, The members of the Illinois Senate wish to
5	5	3 congratulate the Chicago Teachers' Pension Fund (CTPF) on the
6	6	4 occasion of its 130th anniversary; and
7	7	5 WHEREAS, The Illinois legislature established the Public
8	8	6 School Teachers' Pension and Retirement Fund of Chicago (the
9	9	7 Fund), the first teachers' pension system in Illinois and the
10	10	8 second in the nation, in order to help attract and retain
11	11	9 professional teachers and to ensure the financial stability
12	12	10 and dignity of teachers in retirement, with this pension
13	13	11 system being enacted on July 1, 1895; and
14	14	12 WHEREAS, Under the governance of the Chicago Board of
15	15	13 Education, the Fund struggled with funding in its early days
16	16	14 and had difficulty in developing a sustainable model that
17	17	15 would provide long-term financial security for its members;
18	18	16 and
19	19	17 WHEREAS, The Fund's financial crisis became an issue of
20	20	18 social justice taken up by activist and reformer Jane Addams,
21	21	19 known as the "mother" of social work, who was elected as
22	22	20 president of the Pension Board on August 30, 1905, and
23	23	21 subsequently, she pushed for pension reform in the Illinois
24	24	22 legislature; and
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33	33	1 WHEREAS, Under Addams' guidance, improvements were
34	34	2 initiated through the enactment of the pension reform law of
35	35	3 1907, setting the groundwork for stabilization and granting
36	36	4 teachers control over governance by establishing an
37	37	5 independent governing board that included six active teacher
38	38	6 representatives; and
39	39	7 WHEREAS, CTPF has operated as an independent organization,
40	40	8 governed by the board of trustees and administered by an
41	41	9 executive director who oversees the operation of the Fund and
42	42	10 assures that benefits continue to be paid out on a timely
43	43	11 basis; and
44	44	12 WHEREAS, For the past 130 years, CTPF has weathered the
45	45	13 historic events that have challenged our nation, including
46	46	14 wars, conflicts, economic depressions, and recessions; and
47	47	15 WHEREAS, The Fund's first investment of $16,000 was wisely
48	48	16 invested, and today, it includes more than $12 billion in
49	49	17 diversified assets and pays more than $1.5 billion annually in
50	50	18 benefits to CTPF members, thereby generating important
51	51	19 economic activity for the State of Illinois; and
52	52	20 WHEREAS, CTPF trustees have set sound and responsible
53	53	21 investment policies, and these policies have guided the Fund
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64	64	1 to achieve a long-term, 35-year rate of return of 8.34%,
65	65	2 exceeding the Fund's target of 6.5%; and
66	66	3 WHEREAS, CTPF is at the forefront among pension and
67	67	4 retirement systems throughout the United States in providing
68	68	5 business opportunities with the Fund for Minorities, Women,
69	69	6 and Disadvantaged-Owned Business Enterprises (MWDBE),
70	70	7 investing $6.5 billion of the Fund's total assets, or 51.9%
71	71	8 with MWDBE firms; and
72	72	9 WHEREAS, CTPF's excellent and transparent financial
73	73	10 stewardship of public funds has been consistently recognized
74	74	11 by the Government Finance Officers Association of the United
75	75	12 States and Canada (GFOA), being awarded its prestigious
76	76	13 Certificate of Achievement for Excellence in Financial
77	77	14 Reporting for many years; and
78	78	15 WHEREAS, The Fund's membership has grown from 8,000
79	79	16 initial members to more than 96,000 total members, including
80	80	17 nearly 33,000 active members and 27,350 annuitants who count
81	81	18 on it as their primary source of financial security; and
82	82	19 WHEREAS, CTPF trustees continue to work to safeguard and
83	83	20 secure benefits for their members, and together, with a
84	84	21 dedicated staff, continue to fulfill the organization's stated
85	85	22 mission to provide, protect, and enhance the present and
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96	96	1 future economic well-being of members, pensioners, and
97	97	2 beneficiaries through efficient and effective management of
98	98	3 benefit programs, investment practices, and customer service,
99	99	4 and to commit to earning and keeping the respect and trust of
100	100	5 its participants through quality service and by protecting
101	101	6 retirement benefits, in compliance with applicable laws and
102	102	7 standards; and
103	103	8 WHEREAS, CTPF's 130th anniversary serves as an opportunity
104	104	9 to reflect on the achievements of the Fund and the educators it
105	105	10 serves, while also looking forward to the future of education
106	106	11 and the importance of sustainable pension systems; therefore,
107	107	12 be it
108	108	13 RESOLVED, BY THE SENATE OF THE ONE HUNDRED FOURTH GENERAL
109	109	14 ASSEMBLY OF THE STATE OF ILLINOIS, that we congratulate the
110	110	15 Chicago Teachers' Pension Fund (CTPF) on its 130th
111	111	16 anniversary, thank the organization for serving its members,
112	112	17 constituents, community, profession, and the citizens of
113	113	18 Illinois with distinction, and wish the organization continued
114	114	19 success for decades to come; and be it further
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