Chicago Teachers' Pension Fund

The Board discussed and acted upon several financial and administrative items. Key topics included the reimbursement of the contingent account, the approval of various vendor bills, and the issuance of duplicate warrants for lost checks. The Board also confirmed the purchase of various securities, including U.S. government, municipal, and corporate bonds, based on investment counsel advice. Furthermore, the Committee on Claims and Service Credits presented recommendations for service and disability retirement pensions, which the Board reviewed and approved.

The committee reviewed 2026 retiree health plan renewals, covering premium adjustments for various Medicare and non-Medicare plans. Discussions included a 14.3% overall increase for non-Medicare premiums, a 10.1% decrease in prescription drug premiums, and a 3.7% increase for Humana Medicare Advantage plans. Staff presented a subsidy forecast, resulting in the committee's approval to maintain a 60% subsidy for annuitant health insurance costs for the 2026 calendar year. Additionally, the committee addressed the need for improved transparency for retirees and expressed concerns regarding the annual frequency of the committee's meetings.

The meeting agenda includes trustee education focused on fiduciary roles, responsibilities, and investment processes, as well as presentations on asset allocation and benchmarks. The committee will also review the total fund performance for the first quarter of 2026, take action regarding the watchlist, and receive an update on the Chicago Community Development Strategy RFI.

The board meeting agenda included several key items such as the approval of a contract award for external audit services and a new survivor eligibility policy. The board addressed the disposition of election materials, reviewed trustee training hours and conference approvals, and received updates on the Project TITUS technology initiative. Legislative reports were provided by lobbyists, and the executive director delivered a report. An executive session was scheduled to discuss litigation, internal controls, and personnel matters. Additional business included a recommendation to write off legacy overpayments and the review of various committee reports, including those from the committees on claims, service credits, investments, and finance.

The Board of Trustees held a special meeting to discuss pension legislation and the impact of the newly signed Senate Bill 23 regarding investment restrictions in Sudan. The meeting addressed election procedures, specifically amending the By-laws for the election of Board members and discussing the logistics of polling places. Organizational matters included approving a compensation plan for the Chief Operating Officer/Chief Financial Officer and a re-organizational plan for the Fund. Additionally, the Board reviewed investment manager watch list guidelines and discussed communication strategies with investment managers and brokers regarding election policies.