When it comes to pensions, we have crises of leadership on more than one front

Link: https://www.chicagobusiness.com/greg-hinz-politics/when-it-comes-pensions-we-have-crises-leadership-more-one-front


I’m not saying solving Illinois’ pension mess will be easy. It won’t. But dead silence surely won’t solve it. Voters hired Pritzker to fix problems. On this huge problem, he’s been a sad failure.

Which leads to pension story No. 2: That’s the utter turmoil that seems to have overtaken one of the larger public retirement systems in the state, the $11 billion Chicago Teachers’ Pension Fund, which receives a nice chunk of Chicago homeowners’ property tax payments every six months.

When I last looked at the fund in October, its executive director and other key officials had just resigned, one commissioner had been censured by other board members, and board President Jeffery Blackwell was publicly complaining of an agency “culture of intimidation, intentional misinformation, discrimination, slander, misogyny, fear-mongering, blatant racism, sexism and retaliatory actions.” But interim Executive Director Mary Cavallaro said in a statement there was no reason to worry, and that “the fund is committed to ensuring financial stability, operational efficiencies and seamless service to members.”

Well, guess who now has resigned—with a blast? That would be Cavallaro. “I can no longer tolerate the chaos and toxicity of the boardroom, along with the vile disrespect and insults directed toward me, the leadership team and the hard-working staff of the fund by certain misinformed trustees,” she said in a letter to the board. “I have grave concerns about the ability of fund operations to sustain the continued loss of key staff members because of bad trustee behavior and poor board governance.”

Author(s): Greg Hinz

Publication Date: 18 February 2021

Publication Site: Crain’s Chicago Business