As the deadline looms, the Chicago Public School Teachers' Pension & Retirement Fund expects the Chicago Public Schools Board of Education to contribute the full $634 million due before the close of its fiscal year on June 30, said Frances Radencic, director of communications of the $10.2 billion pension fund.
The pension fund “currently liquidates $60 million to $80 million per month to make pension payments to members,” said a statement on its website. “The fund cannot afford another pension 'holiday' or budget relief.”
The amount due represents the board's contribution for the entire fiscal year.
Bill McCaffrey, board of education communications director, and Catherine Turco, spokeswoman for Mayor Rahm Emanuel, couldn't be reached for comment.