Chicago Teachers' Pension Fund
| Chicago Teachers' Pension Fund (CTPF) | |
 | |
| Basic facts | |
| Location: | Chicago, Illinois |
| Top official: | Jeffery Blackwell, president |
| Year founded: | 1895 |
| Active members: | 31,824 |
| Website: | Official website |
| Total assets under management | |
| 2023: | $12,363,785,813 |
- See also: Public pensions in Illinois
The Chicago Teachers' Pension Fund (CTPF) is a Illinois state pension fund that provides retirement, disability, and survivor benefits to the Chicago’s teachers and certain school employees. CTPF had $12,363,785,813 ($12.4 billion) in total assets under management as of June 30, 2023.[1]
The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.
This article features the following sections:
- Background: Information about the structure and functions of CTPF.
- Pension performance overview: Overview of the funding level and assets managed by CTPF.
- Assets and asset management: Information about the asset management companies (AMCs) that contract with CTPF, including a list of contracting AMCs that are participants in the Net Zero Asset Managers Initiative and the Climate Action 100+ initiative.
- Governance and accountability: Details about CTPF's oversight board, including members and selection.
Background
- See also: Public pensions
The Chicago Teachers' Pension Fund (CTPF), founded in 1895, invests the assets of and provides funding for the certified teachers and certain other public school employees of Chicago. It operates as a defined benefit plan.[2]
CTPF served over 31,824 active members and approximately 27,474 retirees and beneficiaries as of June 30, 2023.[2][1]
Pension performance overview
The following table features information about the funding level and assets managed by the Chicago Teachers' Pension Fund as of June 30, 2023:[1]
| Chicago Teachers' Pension Fund pension performance (June 30, 2023) | |||
|---|---|---|---|
| Fiscal year | Percent funded | Unfunded liabilities | Total assets[3] |
| 2023 | 47.24% | $13,807,209,479 | $12,363,785,813 |
Assets and asset management
| Environmental, social, and corporate governance |
|---|
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| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
Asset management companies (AMCs) are hired to manage asset investment for state pension funds across all 50 states.
As of October 2024, 330 AMCs were members of the Net Zero Asset Managers Initiative (NZAM), and 391 AMCs were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aimed to align the investment decisions of signatories with the goal of achieving net zero greenhouse gas emissions by 2050.[4][5]
NZAM announced on January 13, 2025, that it was suspending operations and removing the commitment statement and list of signatories from its website. The group said in a statement it would reevaluate its plans and operations in light of “[r]ecent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions.”[6]
List of AMCs contracting with the Chicago Teachers' Pension Fund
The Chicago Teachers' Pension Fund (CTPF) contracted with 61 asset management companies (AMCs) or specific funds. Ballotpedia could not identify the date of the most recent update regarding the AMCs CTFP contracted with. Of those companies, 10 were investor participants in Climate Action 100+, and 11 were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with CTPF:[7]
- Adams Street Partners
- Ariel Investments
- Blackstone Real Estate Debt
- BMO Global Asset Management (NZAM, Climate Action 100+)
- Brookfield Infrastructure (NZAM)
- Canida & Habacht
- Capri Capital
- Channing Capital Management
- Cityview (Southwest MF Partners)
- Clarion Lion Industrial Trust
- Dimensional Fund Advisors
- DV Urban
- EARNEST Partners (Emerging)
- Earnest Partners (International Value)
- EMREFF (Franklin Templeton)
- Europa
- Fortress Japan
- Fortress Japan II
- Fremont Realty
- Garcia Hamilton & Associates, L.P.
- Green Oak
- HarbourVest Partners
- Hispania Capital Partners
- Hudson Realty
- IC Berkeley
- ICV Capital Partners
- Intercontinental
- Ivy Investments
- JP Morgan Infrastructure (NZAM)
- JP Morgan Strategic (NZAM)
- Kohlberg Kravis Roberts & Co (KKR)
- LaSalle Property (NZAM)
- Lazard Asset Management (NZAM, Climate Action 100+)
- LM Capital Taplin
- Macquarie European Infrastructure (NZAM, Climate Action 100+)
- Macquarie Infrastructure (NZAM, Climate Action 100+)
- Mesirow Financial Partners
- ML Asian
- Morgan Stanley Investment Management
- Muller & Monroe Asset Management
- Newport Capital
- Northern Trust Company (NZAM, Climate Action 100+)
- Oak Street Real Estate
- Palladium Equity Partners
- Pantheon Venture
- Pharos Capital Group
- Phocas Financial Corporation
- Prudential Real Estate Investors
- Pugh Capital Management, Inc.
- Rhumbline Advisors
- RLJ Equity Partners
- Strategic Global Advisors (Climate Action 100+)
- Syncom Venture Partners
- The Bank of New York Mellon
- UBS Trumbull Property Fund (NZAM, Climate Action 100+)
- Urban America
- Walton Street
- Western Asset Management
- William Blair & Co. (International All Cap Growth) (Climate Action 100+)
- William Blair & Co. (Small Cap) (Climate Action 100+)
- Zevenbergen Capital Management
Governance and accountability
This section features information about the 12-member board of trustees that oversees the Chicago Teachers' Pension Fund (CTPF). The board is specific to oversight of CTPF and does not exercise oversight duties for other state funds.[8]
Board selection method
The board of trustees that oversees CTPF is made up of 12 members. Of the members, six are elected by the active teacher membership; one is elected by the active principals and administrators; three are elected by the retired membership; and two trustees are appointed by the Chicago Board of Education.[8]
Board of trustees membership
A 12-member board of trustees oversees the operation and administration of CTPF. The following individuals served on the board as of June 2024:[8]
- Jeffery Blackwell, president
- Jacquelyn Price Ward, vice president
- Mary Sharon Reilly
- Lois Nelson
- Paula S. Barajas
- Victor Ochoa
- Tammy F. Vinson
- Quentin S. Washington
- Maria J. Rodriguez
- Pedro Beiza
- Tanya D. Woods
- vacant
See also
- Public pensions in Illinois
- Environmental, social, and corporate governance (ESG)
- Arguments about environmental, social, and corporate governance (ESG)
- Opposition to environmental, social, and corporate governance (ESG) investing
- Reform proposals related to environmental, social, and corporate governance (ESG)
- State legislative approaches opposing ESG investing
- State legislative approaches supporting ESG investing
External links
Footnotes
- ↑ 1.0 1.1 1.2 Chicago Teachers’ Retirement Fund, “Public School Teachers’ Pension and Retirement Fund of Chicago Actuarial Valuation as of June 30, 2023,” June 26, 2024
- ↑ 2.0 2.1 Chicago Teachers’ Pension Fund, “Mission, Vision, and History,” June 26, 2024
- ↑ Note: By default, this refers to the actuarial valuation of total assets. In some cases, the total market value of assets is shown instead. See the cited source for details.
- ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
- ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
- ↑ Pensions and Investments, "Net Zero Asset Managers initiative to suspend activities in wake of BlackRock departure," accessed January 15, 2024
- ↑ Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
- ↑ 8.0 8.1 8.2 Chicago Teachers’ Retirement Fund, “Board of Trustees,” June 26, 2024
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