Ashford and Rehak to run for re-election... Chicago teachers pension fund to elect two teacher trustees November 9
The Chicago Teachers Pension Fund has announced that it will hold an election for two trustees to the CTPF board of trustees. The election will be held on November 9, 2012. Two incumbent teacher trustees, Jay Rehak and Lois Ashford, are running for re-election. Ashford and Rehak were first elected as trustees in October 2009. Jay Rehak is now President of the Fund, Lois Ashford is now Vice President.
The CTPF announcement follows:
CTPF's Teacher Trustee Election will be held November 9, 2012
Chicago Teachers Pension Fund trustees Lois Ashford (left) and Jay Rehak (right) are both teachers currently working in the classrooms of Chicago and completing their first three-year term as pension trustees. Ashford and Rehak were first elected in an upset in October 2009 and have been serving since then. Above, they are seen in action during the CTPF meeting of November 2011. Substance photo by George N. Schmidt.The Chicago Teachers' Pension Fund Board of Trustees has set Friday, November 9, 2012, as the date for the 2012 Teacher Trustee Election.
Teachers and active contributors (other than administrators) will elect two Trustees to serve three-year terms from November 2012 to November 2015.
Candidate Eligibility
Candidates for a Teacher Trustee position must hold an Illinois State Teaching Certificate, be current CTPF contributors, and have been assigned on a regular certificate in the Chicago Public or Charter Schools for a minimum of 10 years.
Nomination Packets
Nomination packets are now available. Members interested in running for office should contact the CTPF Election Team at 312.604.1400 to request a packet. Candidate eligibility will be verified before the packet can be issued. Nominating petitions must be received in the CTPF office by 5:00 p.m., Monday, October 1, 2012.
Additional Information
Election questions may be directed to the CTPF Election Team at 312.604.1400.
By: Jay Rehak
Yes, We're running for re-election.
Substance is correct. Lois Ashford and I are running for re-election. Lois is currently the Vice President of the Pension Fund, and I have the honor of being the current President. With almost 10 billion dollars in assets, the Chicago Teachers Pension Fund is one of the largest funds in the country that has active teachers representing half of the 12 positions on their Pension Fund.
Lois and I hope to continue to earn the trust of the membership. While the Fund has had an outstanding investment run since Lois and I have been on the Fund, as Trustees, our job includes advocating for the health of the Fund by publicly and continuously insisting that the Board of Education fulfill its end of the bargain by properly honoring its pension obligations.
While the CTPF earned 24% investment return last year, and 13% the previous year, our investment returns cannot keep up with our ever increasing obligations to annuitants. (The CTPF paid out 1.1 Billion last year alone to annuitants!) We need the State of Illinois and the Chicago Board of Education to uphold their end of the pension funding formula. (They need do no more than what they promised they would do)
It's important for teachers and administrators to understand that each of us contributes 9% of our salaries into the pension fund. (2% directly and the 7% Pension Pick Up which is also part of our salary!) Remember also that we do not receive Social Security as do other citizens.
(BTW: Social Security payments are 6% of a workers salary, so teachers and administrators are actually paying 50% more into their pensions than do people who are paying into Social Security.)
In the end, the Pension Fund can only survive if we receive adequate funding from those who are obligated by law and contract to sustain the Fund. Down the road, probably inuring the Fall legislative veto session, we're going to need CTPF members to contact their legislators to insist on fair funding of our pensions. Please sign up for CTPF emails by visiting the CTPF website. We're going to need everyone to be ready to call and appeal to legislators!