An Open Letter to all CTPF Trustees was posted on social media asking to justify the enormous fees the Chicago Teachers Pension Fund is paying its many money managers.Second City Teachers is a reader-supported publication.
When CTPF was fully funded and I believe we had a lot more money in the fund, we had far fewer money managers. The number that comes to mind is around 10, but I could be off. Why do we now pay over 70 people? The answer that I got was we created jobs. Creating jobs is not the purpose of a pension fund. Reduce the number of managers and cut the expense. We are less than 50% funded. Stop acting like Lady Bountiful.
When CTPF was fully funded and I believe we had a lot more money in the fund, we had far fewer money managers. The number that comes to mind is around 10, but I could be off. Why do we now pay over 70 people? The answer that I got was we created jobs. Creating jobs is not the purpose of a pension fund. Reduce the number of managers and cut the expense. We are less than 50% funded. Stop acting like Lady Bountiful.