The Investment Decisionmaking Process in Two Tennessee Public Employee Retirement Plans

HRD-77-28: Published: Dec 29, 1976. Publicly Released: Dec 29, 1976.

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Case studies on the Tennessee Consolidated Retirement System (TCRS) and the Metropolitan Employee Benefit System (MEBS) of Nashville and Davidson County, Tennessee, give details of the framework for managing investments, investment experience, and detailed financial statements. Information on the decisionmaking process was gathered from summary data and interviews with cognizant officials. In 1972, seven separate pension plans were merged into TCRS, which is operated by an independent board of trustees, managed by the State Treasurer, and invested by the State Treasury Department's Investment Section.

For fiscal year (FY) 1976, the assets of the TCRS were about $823 million and the rate of return, including net gains and losses, was 7.26 percent. Established in 1963, MEBS features an independent board of trustees and an investment committee which uses a local bank's trust department to manage investments. FY 1976 funds totalled about $28 million; return with gains and losses was 5.22 percent.

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