FOR IMMEDIATE RELEASE:
Friday, July 10, 2015
For more information, contact:
CPS Office of Communications
CHICAGO – Chicago Public Schools (CPS) and the Chicago Teachers’ Pension Fund (CTPF) announced today that the organizations have reached a mutual agreement to end discussions on CPS’s proposed Fiscal Year 2016 (FY16) pension payment schedule.
“In recent days, CPS and CTPF leadership have engaged in open, productive conversations regarding a potential modified payment arrangement,” said CPS Interim CEO Jesse Ruiz. “After exploring various options and identifying potential benefits for both sides, we have mutually decided to end these discussions. CPS is committed to exploring all options on the table to resolve its structural deficit while working with its partners in Springfield on a solution to the District’s significant financial challenges.”
“After meeting for a number of open conversations regarding potential solutions to the District’s cash-flow difficulties, we have come to the mutual conclusion that an agreement cannot be reached at this time,” said CTPF Executive Director Charles Burbridge. “These conversations provided us with a constructive dialogue that clearly laid out each organization’s needs. We have concluded that alternative options will need to be explored in order to resolve CPS’s budget deficit while providing security for our members.”
Chicago Public Schools serves 396,000 students in 664 schools. It is the nation’s third-largest school district. Established by the Illinois state legislature in 1895, the $10.9 billion Chicago Teachers' Pension Fund serves more than 63,000 active and retired educators.