HR0698 101ST GENERAL ASSEMBLY

HR0698 LRB101 19158 MST 68621 r

HOUSE RESOLUTION

WHEREAS, The members of the Illinois House of Representatives wish to congratulate the Chicago Teachers' Pension Fund (CTPF) on 125 years of continuous operations; and

WHEREAS, On July 1, 1895, the Illinois General Assembly established the first teacher's 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; and

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

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

WHEREAS, Under the guidance of Jane Addams, the pension reform law of 1907 enacted reforms that set the groundwork for stabilization and granted teachers control over governance by establishing an independent governing board with representation that included six active teacher representatives; and

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

WHEREAS, For the past 125 years, CTPF has weathered the historic events that have challenged our nation, including wars, conflicts, economic depressions, and recessions; and

WHEREAS, The pension fund's first investment of $16,000 was wisely invested, and today, the fund includes over $10 billion in diversified assets; it pays over $1.5 billion annually in benefits for CTPF members, which generates 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 8.54%, exceeding the fund's target of 7.0%; and

WHEREAS, CTPF's excellent and transparent financial stewardship of public funds has been consistently recognized by the Government Finance Officers Association (GFOA) with the awarding of a prestigious Certificate of Achievement for Excellence in Financial Reporting; and

WHEREAS, The fund's membership has grown from 8,000 initial members to over 87,000 total members, including nearly 29,000 active and 28,500 pensioners who count on the fund as their primary source of financial security; and

WHEREAS, The trustees continue to work to safeguard and secure benefits for the fund's members, and together, with a dedicated staff, continue to fulfill their mission; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we congratulate the Chicago Teachers' Pension Fund (CTPF) on 125 years of continuous operations, and we wish them many more successful years; and be it further

RESOLVED, That a suitable copy of this resolution be presented to the Board of Trustees of the Chicago Teachers' Pension Fund as a symbol of our respect and esteem.