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Wednesday, June 23, 2021

President of Chicago Teachers’ Pension Fund Oversees $2 Billion Positive Impact to Illinois Economy

CTPF Releases 2021 Economic Impact Statement

Jeffery Blackwell, President of CTPF Board of Trustees

Jeffery Blackwell, President, CTPF Board of Trustees

Chicago, IL — The Chicago Teachers’ Pension Fund (CTPF) has 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.

About Jeffery Blackwell, Interim Executive Director and President, CTPF Board of Trustees
Jeffery Blackwell is Interim Executive Director of CTPF and President of the Board of Trustees. Elected to represent Teachers in 2010, he was re-elected in 2013, 2016, and 2019. A 23-year veteran of the Chicago Public Schools, he serves 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.

About CTPF
Established by the Illinois state legislature in 1895, CTPF celebrated its 125th anniversary in 2020. The $12.5 billion fund (as of March 31, 2021), is the oldest in Illinois and manages members’ assets and administers benefits. The Fund serves more than 89,000 total members and provides pension and health insurance benefits to more than 28,000 annuitants.

For press inquiries, contact Michelle L. Holleman, Director of Communications at hollemanm@ctpf.org or 847-624-3470.