advocacy update | PAG News
PAG believes that those elected or appointed to positions of authority must remain accountable to the members they serve.
Our goal is to promote transparency, oversight, and member engagement so contributors and beneficiaries can better understand the health and direction of the Chicago Teachers’ Pension Fund.
That mission shapes how we look at both the good news and the challenges facing the Fund.
September brought some encouraging news from CTPF: the Fund’s investment program continues to perform well compared with many of its peers.
And yes, PAG is happy to see good news. We really are.
But you know us well enough by now to know that we’re also going to ask the next question: Is that strong performance making the Fund stronger?
At approximately 48% funded, CTPF still has significant ground to make up. That’s why PAG continues to look beyond individual headlines and ask about the bigger picture — the funded ratio, required contributions, investment performance, administrative spending, tax levy funds, and whether today’s decisions are strengthening retirement security for tomorrow.
We showed up at both the September Investment Committee meeting and Board of Trustees meeting to ask some of those questions. Here’s what we heard, what we’re watching, and why it matters.
1. The Funded Ratio Remains Approximately 48%
The funded ratio is one of the most important measures of pension health.
Funded Ratio = Assets ÷ Liabilities
In simple terms, the funded ratio measures how much money the pension fund has compared to what it has promised to pay in future benefits.
General guidelines:
- 100% = Fully funded
- 80%+ = Generally healthy
- 60%-80% = Concerning but manageable
- Below 60% = Significant stress
PAG has been monitoring this metric since 2011, when the funded ratio was approximately 59.9%.
At the September 17, 2026 Board of Trustees meeting, the actuarial funded ratio was reported at approximately 48%.
Why does this matter?
While investment returns may be strong, members should continue asking whether those returns are helping improve the long-term financial condition of the Fund.
2. Investment Performance Continues to Outperform Most Peer Funds
Investment staff reported that CTPF’s investment program has outperformed most comparable public pension plans.
Recent reports indicate:
- Top-tier performance for the most recent quarter.
- A 22nd percentile ranking over the last 10 years.
These rankings suggest the Fund has performed better than many public pension peers over the long term.
PAG’s Perspective
Let’s start with the good news: strong investment performance is encouraging, and CTPF’s investment staff deserves recognition when the Fund performs well.
But rankings aren’t the finish line. PAG still wants to know:
- Are returns sufficient to meet the Fund’s actuarial assumptions?
- What level of risk was taken to achieve those returns?
- Most importantly, are those returns helping improve the funded ratio?
Members should continue focusing not only on investment rankings but also on whether the Fund’s overall financial health is improving.
3. Contribution Discipline Remains a Concern
Another key measure of pension health is contribution discipline. Investments can do their job, but they can’t do everybody else’s job too.
PAG continues to monitor whether all required contributions are made and received by the Fund according to actuarial requirements. Even strong investment performance cannot fully compensate for inadequate contributions over time.
PAG Participates in Public Meetings
We provided public comments during:
Our goal is simple: ask questions, seek transparency, and advocate for decisions that strengthen the Fund for current and future beneficiaries.
Investment Consultant Selection
At the September Investment Committee meeting, PAG encouraged trustees to focus on value and long-term results when evaluating investment consultants.
While cost is important, the primary question should be:
Which consultant is best positioned to help improve the long-term financial health of the Fund?
As conditions change, it is appropriate to periodically evaluate whether current advisors remain the best fit for the challenges ahead.
Questions PAG Asked at the September Board Meeting
During public participation, we requested additional information regarding:
Historical Records
- Are historical archives available to members?
- If so, what is the process for accessing those records?
Administrative Expenses
- Given the Fund’s approximately 48% funded ratio, what is the justification for expanding staffing and administrative expenditures?
- How does the Board evaluate these costs against the Fund’s long-term financial condition?
Tax Levy Transparency
- Can CTPF provide members with an itemized breakdown of tax levy funds and how those funds are utilized?
Why PAG Continues This Work
We have spent countless hours:
- Reviewing Board and committee materials
- Researching historical records
- Collecting data
- Filing Freedom of Information Act (FOIA) requests
- Establishing benchmarks to measure progress over time
Meaningful oversight requires access to accurate information. Our commitment is to help members and beneficiaries better understand how decisions made today affect retirement security tomorrow.
Join the CTPF Town Hall Conversation
Want to hear directly from CTPF and stay informed about what is happening with the Fund?
CTPF will host its Quarterly Town Hall Webinar on Thursday, September 24, 2026, from 4:00–5:00 p.m. CT. The webinar will include an overview of Fund operations and seasonal updates.
PAG encourages members, retirees, and beneficiaries to attend, listen, ask questions, and stay engaged. An informed membership is a stronger membership.
Register here: https://ctpf.zoom.us/webinar/register/WN_GXtF4GH6Sh2xd8v1nJ1FoA#/registration
Looking Ahead
PAG will continue monitoring four key indicators:
- Funded Ratio
- Contribution Discipline
- Investment Performance
- Long-Term Funding Trends
Numbers matter. Investment rankings matter. Contributions matter. But ultimately, PAG keeps coming back to one question:
Is the Fund becoming stronger, more transparent, and more secure for contributors, retirees, and beneficiaries?
That’s why we read the reports, file FOIA requests, establish benchmarks, and keep showing up at CTPF meetings and asking questions – even when the questions aren’t particularly convenient.
Progress deserves recognition. Concerns deserve scrutiny. And members deserve enough information to understand the difference.
We’ll keep watching. We’ll keep asking. And, as always, we’ll keep showing up.
With respect and gratitude,
Tina
