RTAC to CTPF (and CTU) -- NO DEALS!... 'RTAC is strongly opposed to any and all plans or proposals which in any way reduces or reschedules the amount which CPS is required to contribute to CTPF...'
With a little over a week to go before the next meeting of the trustees of the Chicago Teachers Pension Fund (CTPF), pressure like that on Greece continues from Chicago's plutocrats to force the CTPF (and the Chicago Teachers Union) to accept a "restructuring" of the money the Chicago Public Schools will owe CTPF in the future.
RTAC, the Retired Teachers Association of Chicago, issued a July 6 statement reminding its members that there should be no deals. The Chicago Board of Education has been focusing all of the public's attention on the phony "pension crisis" the Board created, while ignoring virtually every other reality that has fed into the current problems, from the enormous borrowing CPS has been doing to the refusal of local political leaders to raise local property taxes and lobby for reasonable taxes for the city's real public schools.
On July 6 RTAC issued the following statement:
RTAC is strongly opposed to any and all plans or proposals which in any way reduces or reschedules the amount which CPS is required to contribute to CTPF. The most recent proposal made by CPS to CTPF would hurt CTPF's funding ratio and our financial security. The proposal defers $505 million of the 2016 $704 million due on June 30, 2016. You are urged to express your opinion on this matter to the CTPF Board of Trustees and the CTPF Executive Director on or before Wednesday, July 15, 2015. At this point, the CTPF trustees are scheduled to vote on the proposal on Thursday, July 16, 2015. Calls, e-mails, and/or letters should be directed to Mr. Jay C. Rehak, President - CTPF Trustees, and Mr. Charles Burbridge, CTPF Executive Director, at burbridgec@ctpf.org. CTPF’s phone number is (312) 641-4464. The address is Chicago Teachers Pension Fund, Suite 2600 – 203 N. La Salle St., Chicago, Illinois 60601
RTAC's mission for the past 89 years has been focused on protecting retired Chicago public school educators' pensions.
