Can someone please explain how those who raided the Chicago Teachers' Pension Fund are any different than Bernie Madoff?
- The pension fund was close to 100% funded in 2000.
- Between 1995-2005 and 2011-2013 CPS collected more than $2 billion in pension revenue from CTU members and paid none of that money into the pension fund
- The School Board itself sanctioned the pension holidays, periods during which the district was exempt from putting teachers' pension money into the pension fund
- The district does not account for where the pension money was spent; instead, new CEO Claypool lies and refers vaguely to the teacher pension system as "unfair"
- Daley and Rahm's banking buddies are making big $$ from CPS's lucrative pension debt
To add insult to injury, Rahm + Rauner's media machine continues to paint teachers as greedy pigs by distorting the truth about pensions and publishing a useless reporter's desire for a Chicago Katrina.
The biggest insult, however, is Claypool's insistence that CTU members contribute 7% more of our salary into the pension fund. So we're supposed to reimburse ourselves for the money that the district stole? No thanks! Although CPS thinks we're idiots, we're not.