The Chicago Teachers' Pension Fund (CTPF) announced the release of its 2021 Economic Impact Statement. CTPF made $1.4 billion in direct payments to annuitants living in Illinois in 2020. Those payments had a $2.0 billion impact on the Illinois economy, supporting more than 13,274 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 2021 Economic Impact Statement quantifies the economic effect that CTPF has on the State of Illinois and the City of Chicago. Our annuitants and the payments they receive advance the financial health of the communities across the State of Illinois," said Jeffery Blackwell, President, CTPF Board of Trustees. "In a year marked by continued uncertainty, our members with guaranteed income continue to spend. They have a profound and positive impact -- helping to keep workers in their jobs, momentum in the local and greater economy, and providing much-needed financial support especially during this unprecedented economic situation."
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 6,732 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.