The Investment Decisionmaking Process in Two Tennessee Public Employee Retirement Plans

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.