The report provided such details as the fact that nearly $519.7 billion in pension benefits were paid to 24.3 million retired Americans. That broke down into $253 billion paid to 9.6 million retired employees of state and local governments and their beneficiaries (typically surviving spouses); $78.8 billion paid to 2.6 million federal government retirees and beneficiaries; and $187.9 billion paid to 12.1 million private sector retirees and beneficiaries.

Not only did that money serve to support 7.1 million jobs, which paid aid $354.8 billion in labor income, it also supported $1.2 trillion in total economic output nationwide and $627.4 billion in value added (GDP).

In multiplier effects, the study said, each dollar paid out in pension benefits supported $2.21 in total economic output nationally. The industries that saw the largest employment impacts were the food services, real estate, health care, and retail trade sectors.

Defined benefit pensions provided more reliable support to the economy, the report said, because recipients are less reluctant than recipients of income from 401(k) plans to spend that income, particularly if the latter experience market downturns that take a toll on their savings. In fact, the study compared the stabilizing effect of defined benefit pensions on the economy to that of Social Security.