Support Amendent #1 to HB 4246: Defend and Strengthen Pensions
A recent amendment to House Bill 4246, sponsored by Rep. Barbara Flynn Currie, would require the State of Illinois to pay for the normal costs of CTPF benefits earned from 2013-2059. The normal cost is the annual amount required to fund future benefits. This would include a state appropriation of $191M to CTPF in 2013.
The amendment also requires the primary employer, CPS, to make an annual contribution to ensure that our unfunded liability, currently $6.8 billion, is brought down to $0 by 2059.
Why We Need This Legislation
The State currently picks up a large portion of the normal cost and unfunded liability for all non-Chicago public school teachers (TRS), but provides minimal funding for CTPF. Last year the State of Illinois allocated $2.4 billion for TRS and $10.4 million to CTPF and only $10.4 million to CTPF.
Chicago's teachers receive less than a penny for every dollar the State spends on downstate and suburban teachers' pensions. This amendment works toward a more equitable distribution of State pension funding for teachers and holds CPS responsible for paying for CTPF's unfunded liability.