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Board of Education pays full pension payment after lengthy game of 'Chickie' with the public on behalf of Rahm Emanuel and the world's ruling class.... Jesse Ruiz announces layoffs of 1,400 from the city's schools as the divide and conquers tactics continue...

Despite attempts by Chicago Mayor Rahm Emanuel to make himself dictator of the pension fund, legislators blocked the mayor's moves against the democratic election of the fund's trustees, ten of whom are elected. Six of those are elected by active duty teachers. The current president of the fund's trustees, Whitney Young High School teacher Jay C. Rehak (above), has been actively studying the finances of the Chicago Public Schools longer than any of the current members of the Chicago Board of Education, and like the trustees for teachers and retired teachers, Rehak knows more in more detail than the every changing administrators across the Loop at CPS headquarters. Substance photo by George N. Schmidt. Despite one last attempt by officials of the Chicago Board of Education and the administration of Chicago Mayor Rahm Emanuel to bully the leaders of the Chicago Teachers Pension Fund (CTPF), the leaders of the fund held strong, and at the last minute, with fewer than six hours to go, Chicago Public Schools paid the money owed to the city's teachers' pension fund. One of the many things that was left out of the hysterical claims of the final days was the fact that since August 2014, the Board had the money to pay the pension payment in its budget.

At six-thirty p.m. on June 30, 2015, the Chicago Teachers Pension Fund issued the following press release indicating that the fund had received the full payment of the money owed to the fund by Chicago Public Schools.

June 30, 2015, 6:30 p.m.

CPS Payment Update

"This afternoon we received the full pension payment from the Chicago Public Schools for Fiscal Year 2015," said Chicago Teachers' Pension Fund Executive Director Charles A. Burbridge.

"Full funding is essential to the health of our Fund and the financial stability of our 63,000 members.

"July 1, 2015, the Fund will celebrate its 120th anniversary, and we reflect on this anniversary knowing that we have never failed to make a pension payment to our members. We have endured wars, recessions, depressions, and countless other events, and have always delivered the promise of a pension.

"I hope that the policy makers recognize the need to address education funding so that teachers do not need to choose between teaching security today and retirement security tomorrow. The need for long-term solutions is not erased with this payment."

CTPF MISSION STATEMENT To provide, protect, and enhance the present and future economic well being of members, pensioners and beneficiaries through efficient and effective management of benefit programs, investment practices and customer service, and to commit to earning and keeping the respect and trust of the participants through quality service and by protecting retirement benefits, in compliance with applicable laws and standards. CTPF BOARD OF TRUSTEES

Jay C. Rehak, president Lois W. Ashford, vice president Bernie Eshoo, financial secretary Raymond Wohl, recording secretary Carlos M. Azcoitia Jeffery Blackwell

Robert F. Bures Tina Padilla

Mary Sharon Reilly

Walter E. Pilditch Jerry Travlos

Charles A. Burbridge, executive director

The trustees of the pension fund will meet on July 1, 2015 at nine in the morning at the CTPF's Chicago offices, 203 N. LaSalle St (Suite 2600). The agenda for the meeting, which was set before the payment was made at the last minutes, would have considered a lawsuit demanding the payment had the Board of Education failed to make the payments. The agenda for the meeting is published on the CTPF website:

N O T I C E OF S P E C I A L M E E T I N G

Board of Trustees

Public School Teachers' Pension and Retirement Fund of Chicago

Member of the Board of Trustees

of the Public School Teachers' Pension

and Retirement Fund of Chicago

There will be a special meeting of the Board of Trustees of the Public School Teachers'

Pension and Retirement Fund of Chicago, 203 North LaSalle Street, Suite 2600, Board

Room, Chicago, Illinois, on Wednesday, July 1, 2015 at 9:00 A.M.

AGENDA

1. Roll Call

2. Public Participation

3. CPS Employer Contributions

4. Executive Session

Legal Matters

5. Unfinished Business

6. New Business

7. Adjournment

At few times in Chicago's history has the gap between what's reported in the corporate media and the financial facts been so great.

The Chicago Teachers Union accused the Board of Education and Mayor Rahm Emanuel of trying to hold teachers hostage as the CTPF, a separate entity, demanded the full amount of the money the Chicago Public Schools owed the pension fund. On the night of June 30, 2015, the CTU issued the following press release:

Mayor Emanuel blindsides teachers by cutting 1,400 in retaliation for making the school district's $643 million pension obligation

IMMEDIATE RELEASE CONTACT: Stephanie Gadlin

June 30, 2015 312-329-6250

Wealthy LaSalle Street lawyer Jesse Ruiz has been on the Chicago Board of Education since his appointment by Mayor Rahm Emanuel in May 2011, and has been one of the Board's regular spokesmen promoting the various lies and talking points from the mayor's office. The first of those lies, in June 2011, was the claim that the Board did not have the money to pay for the fifth year of the union contracts; that lie was proved when the Board's audited financial statements came out 18 months later, but Ruiz continued... Above, Ruiz during the June 24, 2015 meeting of the Chicago Board of Education at Brooks High School. Substance photo by David Vance. Mayor Emanuel blindsides teachers by cutting 1,400 in retaliation

for making the school district's $643 million pension obligation

CHICAGO - The Chicago Teachers Union released the following statement upon learning from media that interim schools CEO Jesse Ruiz allegedly intends to lay off 1,400 educators on Wednesday. The CTU labor agreement expires in three and one half hours.

"We are blindsided by reports that the district intends to lay off 1,400 public school educators, given that we just met with them yesterday and there was no mention of this action. These layoffs prove that the Board never intended to make the pension payment in good faith and that they are using this to justify more attacks on our classrooms," said Karen Lewis, president of the CTU.

"Putting 1,400 people out of work is no way to balance a budget and resource our schools. This is going to hurt our students and the most vulnerable children in our district. These cuts are a result of a history of poor fiscal management by the Board of Education. Mayor Rahm Emanuel's handpicked board has led this district over a financial cliff.

"We are outraged at this deceptive action that only furthers the distrust teachers, parents and students have with the Board. We thought it suspect at the time that the Board was pressuring us to sign off on an agreement on yesterday, before we had a complete agreement. This is retaliatory and unnecessary because (the mayor) refuses to seek revenue options to stabilize CPS. "

CTPF Executive Director was expected to be on Chicago Tonight on June 30...

Burbridge will be on Chicago Tonight at 7:00 p.m.

CTPF Executive Director Charles A. Burbridge will be featured on the news magazine Chicago Tonight this evening at 7:00 p.m. The program will air live on WTTW (PBS); check your local listings for channel information.

The segment will feature a discussion of current pension issues and review the state of CTPF at the close of the fiscal year. A $634 million pension payment from the Board of Education for the 2015 Fiscal Year is due today.



Comments:

July 2, 2015 at 9:46 AM

By: Margaret Wilson

Pension Payments

I never thought the Board would meet its obligations! I think the monthly payment plan will be better because they are likely to fulfill future payments.

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