Chicago Public Schools Makes Full $634 Million Pension Payment Before Deadline | NBC Chicago
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Chicago Public Schools Makes Full $634 Million Pension Payment Before Deadline

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    NEWSLETTERS

    House Speaker Michael Madigan said during a press conference Tuesday afternoon that Chicago Public Schools will make the $634 million payment to the teachers' pension fund before the midnight deadline. NBC 5 political editor Carol Marin reports. (Published Tuesday, June 30, 2015)

    Chicago Public Schools made the full payment of $634 million to the teachers' pension fund before the midnight deadline, according to the Chicago Tribune.

    Madigan said in a press conference Tuesday afternoon that he heard reliably that the district would be able to make the payment. His statement came after the sponsor of a bill to extend the deadline for payment said she would not call a vote because she didn't "have the votes" to pass the legislation.

    Mayor Rahm Emanuel previously said Chicago Public Schools was at a "breaking point" and did not have the money to make the payment.

    It is not clear how the district made the payment and where the money came from.

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