CHICAGO, May 15, 2019 /PRNewswire/ -- The Chicago Teachers' Pension Fund (CTPF) today announced the release of its 2019 Economic Impact Statement. CTPF made $1.4 billion in direct payments to annuitants living in Illinois in 2018. Those payments had a $2.0 billion impact on the Illinois economy, supporting 15,000 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 report includes economic impact by legislative district and Chicago ward.
"This 2019 Economic Impact Statement quantifies the economic impact that CTPF has on the State of Illinois and the City of Chicago. We are proud to serve as an economic engine for the growth of our community and state," said Jeffery Blackwell, President, CTPF Board of Trustees. "Our members are active and important members of their individual communities, and this report helps illustrate the impact they make throughout Illinois."
The report found that 84 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. CTPF annuitants residing in Chicago are responsible for approximately $1.0 billion in total economic impact and support 7,640 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. Find a copy of the report at https://www.ctpf.org/sites/main/files/file-attachments/economic_impact_2019_vk3_final.pdf
About Jeffery Blackwell, President, CTPF Board of Trustees
Jeffery Blackwell serves as President of the CTPF Board of Trustees. Elected to represent Teachers in 2010, and re-elected in 2013 and 2016, he has chaired the Committee on Claims and Service Credits and the Policy Committee, and served on the Disability, Health Insurance, Investments, Pension Law and Administrative Rules, Communications, and Technology Committees. A 20-year veteran of the Chicago Public Schools, he currently works with students with special needs and established a student mentoring program. An active member and delegate of the Chicago Teachers Union, he has served on the Executive Board and Pension Committee, and as a delegate to the American Federation of Labor and Illinois Federation of Labor Conventions. He earned a Bachelor of Science in Education, a Master of Science in Special Education, and a Master of Arts in General Administration from Chicago State University.
Established by the Illinois state legislature in 1895, the Chicago Teachers' Pension Fund manages members' assets and administers benefits. The $11.1 billion pension fund serves more than 87,000 members and provides pension and health insurance benefits to more than 28,500 beneficiaries. A majority of CTPF annuitants (84%) live in Illinois. CTPF makes $1.4 billion in pension payments annually in Illinois which help generate $2.0 billion in total economic impact and support 15,000 jobs in the State.
SOURCE Chicago Teachers' Pension Fund