CHICAGO, April 25, 2018 /PRNewswire/ -- The Chicago Teachers' Pension Fund (CTPF) today announced the release of its 2018 Economic Impact Statement. CTPF made $1.3 billion in direct payments to annuitants living in Illinois in 2018. Those payments had a $1.9 billion impact on the Illinois economy, supporting 14,704 jobs in the state. The Buck Stays Here: Understanding the Economic Impact of CTPF Benefit Payments on the State of Illinois and the City of Chicago is produced annually and details CTPF's impact on the State of Illinois and the City of Chicago. The 2018 edition breaks out economic impact by Chicago Ward for the first time.
"A majority of our members stay in Illinois after retirement, and the pensions they have earned are spent close to home, supporting local and regional economies. This spending across the state, and specifically in the City of Chicago, contributes to overall community vibrancy," said Charles A. Burbridge, CTPF Executive Director. "CTPF pensions provide a sustainable retirement for 24,440 Illinois residents who continue to give back to their communities in countless ways."
The report found that 83 percent of CTPF's annuitants who collect a pension stay in the State of Illinois, with nearly half of that number continuing to call Chicago home. The beneficiaries residing in Chicago are responsible for approximately $1.0 billion in total economic impact and support 7,500 jobs across the city.
The study used standard economic multipliers from the U.S. Department of Commerce Bureau of Economic Analysis to assess the economic impact of spending. To view the full report, visit: http://www.ctpf.org/general_info/advocacy/2018_ECONOMIC_IMPACT.pdf
Established by the Illinois state legislature in 1895, the Chicago Teachers' Pension Fund manages members' assets and administers benefits. The $10.8 billion pension fund serves nearly 86,000 members, and provides pension and health insurance benefits to more than 28,000 beneficiaries.
SOURCE Chicago Teachers' Pension Fund