House to Consider Delay in Chicago Schools' Pension Payment | NBC Chicago
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House to Consider Delay in Chicago Schools' Pension Payment

Mayor Rahm Emanuel says the district does not have the $634 million needed to pay the Chicago Teachers Pension Fund in full without making major cuts

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    The Illinois House will consider allowing a 40-day delay for Chicago Public Schools to make a $634 million payment due to its pension system by June 30.

    The Executive Committee endorsed the idea Tuesday.

    The nation's third-largest school system is suffering financial difficulties. Interim CEO Jesse Ruiz says drastic cuts would be necessary if officials are forced to meet the June 30 deadline.

    Majority Leader Barbara Flynn Currie's legislation delays payment to Aug. 10. School officials want to find a comprehensive solution by then.

    Bukola Bello is a lobbyist for the Chicago Teachers' Pension Fund. She says fund officials do not oppose or support the measure but without a payment would have to meet expenses by selling portfolio assets.

    Mayor Rahm Emanuel finally broke his silence about the crisis Monday, stating that CPS' finances are "at the breaking point" and the district does not have the $634 million needed to pay the Chicago Teachers Pension Fund in full without making major cuts in the classroom.

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