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Chicago Teachers Union affiliations include the Chicago Federation of Labor (CFL), the Illinois State Federation of Labor-Congress of Industrial Organizations (ISFL-CIO), the American Federation of Labor-Congress of Industrial Organizations (AFL-CIO), the Illinois Federation of Teachers (IFT), and the American Federation of Teachers (AFT).
All sides of the impending $634 million pension payment that is due in three weeks show no sign of budging from their intractable and unsustainable positions.
As pension systems managers all over the state are trying to figure out how to remain solvent, Chicago Public Schools is facing a double whammy with its pensions and payroll.
Some of that cash was depleted after its credit rating was downgraded to junk, meaning that it had to make new swap payment deals, interest rates on borrowing went up and penalties became due. That made a cash crunch that was bad enough — with a $1.1 billion budget shortfall — infinitely worse.
Lawrence Msall of the Civic Federation said the district can do one of three things: cut the budget (and possibly have to layoff employees), skip the pension payment and risk being sued or ask for help from the General Assembly, which already is embroiled in other fights.
Complicating matters, the Chicago Teachers Union, which went on strike in 2012, could strike again if the pension issues aren’t resolved. The Chicago Tribune Editorial Board calls the school district crisis a “reckoning” for the whole city. The question that looms ever larger as these multiple reckonings approach: Can CPS be saved? The board floated the ideas of bankruptcy, splitting the district into more autonomous “regions,” closing schools or expanding charter schools to deliver some relief to the district.
Emanuel’s office has been working to find pension solutions across the city with police and fire pension reforms, too. The plan puts off one big increase in city payments until the mayor may well be out of office, and it doesn’t cut benefits at all.
Rauner isn’t a huge fan of the plan proposed by Emanuel, says the Tribune, with payments delayed and no benefit cuts for employees. Emanuel has suggested a city-run casino could help pay for the pensions, but the Tribune says a new casino couldn’t cover the whole cost of the pension hole. No matter what Rauner and Emanuel end up doing, credit rating agencies will be keeping a close watch, says the Tribune.
The health of the Chicago Public Schools pensions and the city’s other pension funds are linked because of their relationships to the rest of city government, and they have to be sorted out or more problems could follow. WANT THE LATEST AND GREATEST ON ILLINOIS NEWS, VIEWS, LISTS AND INFOGRAPHICS WITHOUT THE ADVERTISING? The Chicago Public Schools are staring down the barrel of impossible choices with its cash reserves depleted, the Springfield budget stalemate dragging on and three weeks to go before a $634 million teacher pension payment is due.

Although the pension payment was built into a school budget balanced by an accounting sleight of hand, CPS is now facing a liquidity crisis that would make the payment difficult to make. When the CPS bond rating dropped to junk status, the district was forced to renegotiate $220 million in outstanding swap agreements and pay penalties and higher interest rates on a massive refinancing. Civic Federation President Laurence Msall said CPS has only three options, all of them lousy. Cut the budget enough to make the full pension payment, even if that means layoffs and program cuts. Miss a pension payment required by state law for the first time in history and risk a union lawsuit and another bond rating drop that could deprive the school system of its ability to borrow money. Or seek an emergency fix from the Illinois General Assembly — even as the broader power struggle between Republican Gov. Msall said CPS could make a partial payment but that would likely trigger an adverse reaction from Wall Street. Illinois House Majority Leader Barbara Flynn Currie, D-Chicago, underscored the point about the Springfield uncertainty. Mayor Rahm Emanuel has long demanded an end to the “dual taxation” that forces Chicago taxpayers to pay for the pensions of city teachers and for teachers outside the city. But until the stalemate over Rauner’s demand for pro-business, anti-union reforms is resolved, Flynn Currie said the mayor is on his own. The governor’s office did not respond to questions about the impending teacher pension payment or what, if anything, Rauner was prepared to do to help Chicago if the larger budget stalemate is not resolved by June 30. Emanuel met privately last week with Rauner, who has repeatedly raised the possibility of CPS declaring bankruptcy. Whether the heat gets turned up outside Chicago, one thing is certain: a Chicago Teachers Union that went on strike in 2012 and has threatened to walk out again this year expects the $634 million pension payment to be made on time. In dropping the CPS pension crisis in Springfield’s lap, Emanuel has pointed to a series of “pension holidays” authorized during the 22-year reign of his predecessor and political mentor, former Mayor Richard M. Emanuel has noted that, between 1995 and 2004, CPS made no payments at all to the teachers pension fund and made reduced payments from 2009 until he took office. Sample financial procedures manual - safe-wise, 1 sample financial procedures manual approved by _____ (organization’s) board of directors on _____ (date) i. Sample - direct deposit employee authorization form, As future pay date attach copy personal check deposit slip. Mysavings - free samples - online printable grocery coupons, Mysavings offers largest directory free samples, product sample offers, free stuff freebies, printable grocery coupons, online coupons savings.

With no help from Springfield, the interested parties have seemingly made zero progress towards a solution to a problem that has been hanging there in plain sight for years. The Chicago Sun-Times reports that in three weeks, the district will owe a $634 million pension payment, even though it already is low on cash.
That’s what they’re trying to figure out,” said a mayoral confidant, who asked not to be named. Whatever happens, the school district is likely to be under scrutiny from Wall Street, said Msall. Can this far-flung district with more than 600 schools spend within its means to deliver a quality education for students? Rauner did not say he planned to veto the bill if it lands on his desk, so it’s possible Chicago’s pension crisis will be part of the game of “political chess” currently being played by Rauner and Democrats, says the Tribune. With so many of Illinois’ government entities and agencies in junk territory, every financial move could save ratings or send them plunging farther. The system could also try and borrow enough money to make a full payment, but the “enormity” of the financial crisis and the uncertainty of help from Springfield could make borrowing difficult or cost-prohibitive, he said. The mayor’s office refused to say what the two old friends and former business associates discussed.
Will Burns (4th), is a former state representative now chairing the City Council’s Education Committee.
William Davis, D-Hazel Crest, chairman of the House Appropriations Committee on Elementary and Secondary Education, predicted that CPS would, at the very least, make a partial payment and continue to work with the General Assembly on a long-term pension fix that includes new revenue. Plus, Springfield’s own financial issues are so big state officials probably won’t be able to help very much, said one key lawmaker.
Emanuel has said he wants to stop the “dual taxation” practice, which sees Chicago taxpayers paying for teacher pensions both inside and out of the city. Arriving in Chicago as the Rod Blagojevich scandal developed, Stantis has drawn extensively about corruption and other issues related to Illinois state government and Chicago and Cook County government.
Ear Hustle 411 is an informative, Entertainment blog where we keep our ears to the streets for all the latest trends in fashion, new music, gadgets, celeb gossip, entertainment, and breaking news. Under the Illinois Constitution they must honor the law,” said CTU spokeswoman Stephanie Gadlin.

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