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.

Download the full report: