House Defeats Delay in Chicago Schools' Pension Payment - NBC Chicago
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House Defeats Delay in Chicago Schools' Pension Payment

Chicago Public Schools is expected to make a payment of $634 million to the Chicago Teachers Pension Fund by June 30

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    Lawmakers Reject Plan to Delay CPS Pension Payment

    Chicago Public Schools officials wanted 40 days to figure out a way to meet the giant contribution without making deep educational cuts. (Published Tuesday, June 23, 2015)

    The Illinois House has turned back a plea from the Chicago Public Schools for more time before making a pension payment of more than $600 million due by June 30.

    The cash-strapped school district — the third-largest in the nation — wanted 40 days to figure out a way to meet the giant contribution without making deep educational cuts.

    It failed 53-46, falling seven votes short of the number necessary.

    Mayor Rahm Emanuel on Monday told the Chicago Sun-Times that the district is "at the breaking point" and is unable to make the payment in full by the June 30 deadline.

    House Majority Leader Barbara Flynn Currie — a Chicago Democrat — says the legislation would delay the payment until after summer revenues arrive and give school officials a chance to come up with an alternative financial plan.

    Interim schools CEO Jesse Ruiz told lawmakers that drastic schoolroom cuts could be necessary without a delay.