The Chicago Teachers' Pension Fund (CTPF) announced the release of its 2022 Economic Impact Statement. CTPF made $1.4 billion in direct payments to annuitants living in Illinois in 2021. Those payments had a $2.0 billion impact on the Illinois economy, supporting more than 13,583 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.
"The 2022 Economic Impact Statement quantifies the economic effect that CTPF has on the State of Illinois and the City of Chicago. Our retirees advance the financial health of the communities across the State of Illinois," said Carlton W. Lenoir, Sr., Executive Director, CTPF. "While 2022 has brought added uncertainty and challenges, our members with guaranteed income continue to spend. The dollars they spend help keep workers in their jobs, provide momentum for local economies, and provide much needed financial stability during these unprecedented times."
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. CTPF annuitants residing in Chicago are responsible for approximately $1.0 billion in total economic impact and support 6,873 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.