Chicago Teachers' Pension Fund Provides $1.7 Billion Positive Impact to Illinois Economy

CTPF Releases 2014 Economic Impact Study

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Mar 04, 2015, 03:44 ET

CHICAGO, March 4, 2015 /PRNewswire/ -- The Chicago Teachers' Pension Fund (CTPF) today announced the release of its 2014 Economic Impact Survey. CTPF made $1.2 billion in direct payments to beneficiaries living in Illinois in 2014. Those payments had a $1.7 billion impact on the Illinois economy supporting 12,628 jobs in the state.

In a recently released report, the Chicago Teachers' Pension Fund announced that the Fund had a $1.7 billion impact on the Illinois economy that supported 12,628 jobs across the state of Illinois. "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 the Fund's impact on the state of Illinois and the city of Chicago.

"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 the Fund's impact on the state of Illinois, the city of Chicago, and each Illinois legislative district.

"This report is a snapshot into just how important the Fund is to not just the city of Chicago, but the entire state," said Jay C. Rehak, CTPF President of the Board of Trustees. "Our members live in every single legislative district in Illinois and they eat at local diners, shop at local retailers, and ultimately, put their hard-earned retirement dollars back into the state's economy."

The report also found that 85 percent of the CTPF's 27,700 beneficiaries who collect a pension from CTPF 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 $864 million in total economic impact and support 6,459 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 by CTPF beneficiaries.

To view the full report, visit http://www.ctpf.org/general_info/advocacy/economic_impact.pdf.

ABOUT CTPF
Established by the Illinois state legislature in 1895, the Chicago Teachers' Pension Fund manages members' assets and administers benefits. The $10.9 billion pension fund serves more than 63,000 active and retired educators, and provides pension and health insurance benefits to 27,700 beneficiaries.

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SOURCE Chicago Teachers’ Pension Fund