The Teachers’ Retirement System of the State of Illinois annually
distributes approximately $3.8 billion in pensions and benefits to men, women,
and children in every corner of the state, creating a sustained economic
stimulus that helps drive the economy in all 102 counties. This study is based
on recurring payments to retirees, survivors, and disability benefit recipients
living in Illinois. Lump-sum payments for refunds and death benefits are
excluded from the analysis since they do not provide a continuing source of
income. Net, rather than gross, benefits are used in this analysis because the
net benefits are what stimulate the state economy. The multipliers were
produced by the Regional Product Division of the U.S. Bureau of Economic
Analysis.
The positive ripple effect of TRS benefits jumps by 46 percent to more
than $5.584 billion in total economic activity throughout Illinois - new
full-time jobs, salaries earned, and new goods and services produced across the
state.
The study, conducted by TRS using benefit statistics from February 2015
benefit payments, found that:
• Eighty percent of the System’s 89,817 total benefit recipients live in
Illinois.
• The $3.8 billion in pensions and benefits paid to Illinois residents
is 83 percent of the total pensions and benefits distributed by TRS annually. The statewide economic impact of TRS pensions
and benefits can be measured in real terms:
TOTAL OUTPUT - $5.584 BILLION
This is the overall measure of economic activity in Illinois stemming
from TRS pensions and benefits. It includes all TRS payments, salaries earned
in those jobs, and increases in the state’s Gross Domestic Product.
JOBS SUPPORTED – 41,725
This is the total number of full-time jobs supported by the $3.821
billion in TRS pensions and benefits pumped into the Illinois economy.
EARNINGS CREATED - $1.562 BILLION
These are the total salaries earned by persons employed in Illinois jobs
that are fueled by TRS benefit payments.
ILLINOIS GDP VALUE - $3.272
BILLION
This is the amount added to the Illinois Gross Domestic Product – the
total value of goods and services produced within Illinois – due to TRS pension
and benefit payments.
For the complete report from TRS, click here.
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