Chicago Teachers' Pension Fund Provides $2.1 Billion Positive Impact to Illinois Economy

2024 Economic Impact statement

The Chicago Teachers' Pension Fund (CTPF) announced the release of its 2024 Economic Impact Statement. CTPF made $1.5 billion in direct payments to annuitants living in Illinois in 2023. Those payments had a $2.1 billion impact on the Illinois economy, supporting more than 11,592 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 2024 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 Carlton W. Lenoir, Sr., Executive Director, CTPF. "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 82 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 5,768 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.