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1 | HOUSE RESOLUTION
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2 | WHEREAS, The Chicago Teachers' Pension Fund serves 18% of | ||||||
3 | the teachers in Illinois but receives less than 1% of State | ||||||
4 | funding for teachers pensions; and
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5 | WHEREAS, For every dollar allocated to downstate and | ||||||
6 | suburban pensions, Chicago teachers receive less than a penny; | ||||||
7 | and
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8 | WHEREAS, Chicago's taxpayers bear a double burden, funding | ||||||
9 | the Teachers' Retirement System of Illinois and its own system, | ||||||
10 | the Chicago Teachers' Pension Fund, without equal benefit; and
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11 | WHEREAS, Pursuant to Public Act 89-0015, the Illinois | ||||||
12 | General Assembly agreed that each fiscal year it would make a | ||||||
13 | contribution to the Chicago Teachers' Pension Fund in an amount | ||||||
14 | equal to 20-30% of the contribution the State makes in that | ||||||
15 | fiscal year to the Teachers' Retirement System of Illinois; and
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16 | WHEREAS, In an attempt to mitigate the potential for | ||||||
17 | underfunding the Chicago Teachers' Pension Fund in the future, | ||||||
18 | Public Act 89-0015 required the State to use its best efforts | ||||||
19 | to make enhanced contributions to the Chicago Teachers' Pension | ||||||
20 | Fund when its funded ratio dropped below 90%; and |
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1 | WHEREAS, The Chicago Teachers' Pension Fund Board of | ||||||
2 | Trustees, which is comprised of contributors, annuitants, | ||||||
3 | administrators, and Board of Education appointees who serve in | ||||||
4 | a fiduciary capacity on the board, supports enhanced funding | ||||||
5 | for the Chicago Teachers' Pension Fund; and
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6 | WHEREAS, Jay Rehak, Lois Ashford, Raymond Wohl, Jeffrey | ||||||
7 | Blackwell, Tina Padilla, Bernie Eshoo, Walter Pilditch, Mary | ||||||
8 | Sharon Reilly, Robert Bures, Jerry Travlos, Dr. Carols | ||||||
9 | Azcoitia, and Andrea Zopp support full funding for the Chicago | ||||||
10 | Teachers' Pension Fund and urge the State of Illinois to | ||||||
11 | fulfill its promise to fund pensions for Chicago teachers; | ||||||
12 | therefore, be it
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13 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | ||||||
14 | NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | ||||||
15 | it is the sense of this House that the Illinois General | ||||||
16 | Assembly must make annual contributions to the Chicago | ||||||
17 | Teachers' Pension Fund in an amount equal to 20-30% of the | ||||||
18 | amount of the annual State contribution to the Teachers' | ||||||
19 | Retirement System of Illinois.
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