US - Several thousand jobs and a US$2.1bn bump to the state GDP have been created through pension benefits paid by the Illinois Teachers' Retirement System (TRS).
Bob Lyons, TRS board trustee, commented: "This study underscores the ripple effect TRS has on Illinois' economy."
Lyons added: "Every county in the state of Illinois is positively affected by TRS benefit payments. In fact, the analysis shows that annual benefits received in each Illinois county averaged $22.8m."
The figures showed over 30,000 jobs had been created in Illinois and contributed to a billion dollars in additional state earnings.
The study was based on $2.3bn paid annually by TRS and the direct and indirect effects this money had on the local economy.
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.