The Chicago Public School Teachers’ Pension & Retirement Fund’s (CTPF) shortchanging of pension contributions by the city school system and state since 1995 has piled up debt, Pensions & Investments reports. The debt will cost taxpayers an additional $12 billion in interest alone over the next 50 years. In total, the school system and the state have shortchanged the fund a combined $5.2 billion. The $10.4 billion fund moved $3.2 billion in Chicago teacher pension fund tax revenue to finance the cash-strapped school system’s budget starting in 1995, when CTPF was nearly 100% funded, through 2005. The fund eyes additional funding from the school system and state.
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