6-23-15: Today the House failed to support a 6-week pension delay bill that both the CPS and CTU supported and the pension fund does not oppose and that would have allowed CPS to delay making their full pension payment until August. Even though this is not an ideal situation, we support this bill in conjunction with sustainable revenue from both the state and city. If the bill doesn't pass this month, it could harm CPS's credit rating and thereby magnify CPS's fiscal woes. The district currently does not have the cash to make this payment. Again, this further underscores the need for real sustainable revenue reform. Unfortunately, we are not hearing these needed proposals for sustainable revenue from many of our elected officials and we need to push them for solutions.
Given that Springfield has failed to make its intended contribution of 20-30% to the Chicago Teacher’s Pension fund as provided by statute for over 25 years, it would seem appropriate that they would grant a 6-week delay to CPS to pay the full pension payment this year. Springfield has shorted the CTPF by billions of dollars over the years.
According to the Sun-Times article, Speaker Madigan says he will call the bill again next Tuesday. We urge parents to call their legislators to support SB437 and then to ask both their state and city elected officials to support sustainable revenue. We are also asking CPS to cut some of their non-essential spending including some contracts and opening of charter and selective enrollment schools during this time of declining enrollment and fiscal crisis. We hope that all parties can work together so that our schools can open on time and without any more cuts in the fall. See our budget solutions document again here.
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