Save Our Pensions and Fight Back Trumpism!

"Save Our Pensions"

I was just on the call with IFT’s President Montgomery and Executive Vice President Davis Gates. Three callers expressed concern about the possibility of converting our defined benefit pension plan into a defined contribution plan or a 401(k)-style plan. President Montgomery confidently stated that he is committed to defending defined benefit plans. He then asked Stacy Davis Gates whether the Chicago Teachers' Pension Fund (CTPF) had any provisions that would allow participants to opt out, but we were unable to hear her response.

This much I know: The Retired Teachers Association of Chicago.  Since 1926 this Association has dedicated itself to the betterment of all teachers who have retired from the Chicago Public Schools has this on their website. You can go to their website for the details. 

Defined Benefits vs. Defined Contributions
Currently we have a defined benefit retirement plan where we are guaranteed our benefits for life.  If some legislators get their way, new employees will work under a defined contributions retirement plan where the benefits are based entirely on how much was contributed.
Read an analysis of Public Pensions by the Center for Tax and Budget Accountability -- here.
If you would like to see how much you would have needed to contribute to a retirement fund to enjoy your current pension, click here and enter some data.  Be aware that the projected total you have in your account when you retire must last for life - i.e. if your retirement account has $1,000,000 in it when you retire and you expect to live another 20 years, you can only withdraw $50,000 per year and the balance will continue to decrease until your account is completely depleted and you have nothing left to live on.

  https://www.rtac.org/home.htm

I also have this email from our Executive Director in response to my public participation request, where I asked our trustees to help us repeal Tier 2.

Executive Director <executivedirector@ctpf.org>	Mar 7, 2025, 1:27 PM
to Tina, me

Dear Tina, 

Thank you for your participation in the March 4, Investment Committee First Look meeting. We appreciate your support for our Tier 2 members.  

As a former Trustee, you know that CTPF Trustees cannot legally advocate for benefit enhancements. While they may personally support this position, CTPF as an organization is charged with administering Illinois law and cannot lobby for or propose legislation eliminating Tier 2. 

I encourage you to work with our stakeholder groups who can advocate for this legislation. You will find support and ways to amplify your efforts together. 

Sincerely,

 

Carlton

We must help save our pension. These politicians out here should be called magicians. They are so deceptive. This Tier 2 bill they are asking us to call the governor and ask him to sign into law, is a scam.
listening reminded me of a Bible story I learned in religious classes as a child. 

There were two men in a certain town, one rich and the other poor. The rich man had a very large number of sheep and cattle, but the poor man had nothing except one little ewe Lamp he had bought. He raised it and he grew up with him and his children. He shared his food, drank from his cup and even slept with him in his arms. It was like his daughter The rich man refrain from taking one of his own sheep or cattle to prepare a meal for some travelers who came to visit him. Instead, he took the ewe lamb that belong to the poor man and prepared it for the one who came to visit the rich man. 

Do you see the metaphor I see? I see what’s happening with our pension and retirement funds as a theft of our defined benefit pension—something that we, along with our teachers and their predecessors, have worked hard for and made real sacrifices to secure. This city and state have so many wealthy individuals who possess vast amounts of money; however, they don't want to use their own resources. Instead, they prefer to utilize ours, leaving us with very little or no money for retirement. This is my concern. Could you please help restore the Gold Standard of Retirement saving for curent and future Chicago Public School Teachers as well as the Defined benefit Plan for all? Write to our union leaders, CTPF  Trustees, legislators and Governor and ask them to push for the Repeal Tier 2. This is not only the right thing to do, but it is also a way to fight back against Trumpism.

Peace, Love and Justice 

Tina Padilla