Plan Data | Public Plans Data

TN Political Subdivisions Basics

Established 1972
Currently open to new hires
Plan covers local employees
Plan members covered by Social Security
Multiple employer, agent plan

Assets, Participants, and Benefits

State and local government pension benefits are paid from trust funds to which public employees and their employers contributed while they were working, not from general operating revenues. Trust fund assets are invested and grow over time. The combined value of defined benefit plan assets held by state and local governments as of Q2 2022 decreased to $5.3 trillion, from $5.7 trillion as of Q2 2022 (Federal Reserve Flow of Funds, June 2024). PPD data covers the period from 2001 to the most recently available plan reports, and the historical charts presented in this page mirror the period for which PPD data are available.

Assets at Year-End, TN Political Subdivisions, 2001-2022

Fiscal Year	Net Assets (billions)
2001	3.16
2002	3.16
2003	3.31
2004	3.69
2005	4.04
2006	4.41
2007	5.09
2008	5.12
2009	4.42
2010	4.96
2011	6.02
2012	6.42
2013	7.08
2014	8.26
2015	8.47
2016	8.67
2017	9.61
2018	10.35
2019	11.02
2020	11.44
2021	14.22
2022	13.51

Source: Public Plans Database

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State and local employees make up around 10-15 percent of the US workforce. About a quarter of public sector workers are covered by a public pension in lieu of Social Security, including nearly half of all teachers and over two-thirds of firefighters and public safety officers. Public employees live in every city and county in the nation; more than 90 percent retire in the same jurisdiction where they worked. PPD data covers the period from 2001 to the most recently available plan reports, and the historical charts presented in this page mirror the period for which PPD data are available.

Number of Actives per Annuitant, 2001-2022

Fiscal Year	TN Political Subdivisions	US State and Local Pensions
2001	3.2	2.4
2002	3.1	2.3
2003	3.1	2.2
2004	3.0	2.1
2005	3.0	2.1
2006	2.9	2.0
2007	2.8	2.0
2008	2.7	1.9
2009	2.5	1.9
2010	2.5	1.8
2011	2.4	1.7
2012	2.2	1.6
2013	2.1	1.5
2014	1.9	1.4
2015	1.8	1.4
2016	1.7	1.4
2017	1.7	1.4
2018	1.6	1.3
2019	1.6	1.3
2020	1.6	1.3
2021	1.5	1.2
2022	1.5	1.2

Source: Public Plans Database

National data averages are weighted by plan size.

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2022 Membership for TN Political Subdivisions

Actives	Beneficiaries	Total Membership
84,710	57,968	159,843

Source: Public Plans Database

Costs

The Annual Required Contribution (ARC) is the amount needed to finance benefits accrued each year, plus the cost to amortize unfunded liabilities from past years, minus required employee contributions. It is a projection that matches a yearly payment amount to a particular amortization period, taking into consideration an assortment of assumptions adopted by the plan. In practice, all plans do not calculate the ARC in the same manner. Assumptions used to calculate the ARC reflect actual plan experience, including investment return , actuarial cost, salary growth, total payroll growth and mortality, as well as an adopted amortization method. These assumptions and methods will differ from one plan another, so caution should be taken when comparing ARC between plans. PPD data covers the period from 2001 to the most recently available plan reports, and the historical charts presented in this page mirror the period for which PPD data are available.

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for TN Political Subdivisions, 2001-2022

Fiscal Year	Portion of Employer ARC paid	Portion of Employer ARC left unpaid	US Avg Employer ARC	ARC as a Percent of Payroll
2001	6.7	0.0	5.3	6.7
2002	null	0.0	5.2	null
2003	7.7	0.0	6.0	7.7
2004	null	0.0	7.8	null
2005	9.6	0.0	9.6	9.6
2006	null	0.0	9.9	null
2007	11.1	0.0	10.6	11.1
2008	null	0.0	11.0	null
2009	11.1	0.0	11.0	11.1
2010	null	0.0	11.6	null
2011	11.6	0.0	13.4	11.6
2012	null	0.0	14.1	null
2013	11.6	0.0	15.1	11.6
2014	null	null	15.7	null
2015	null	null	15.7	null
2016	null	null	15.6	null
2017	null	null	15.5	null
2018	null	null	16.2	null
2019	null	null	16.4	null
2020	null	null	16.8	null
2021	null	null	17.4	null
2022	null	null	18.1	null

Note: ARC data unavailable from 2014 forwarded due to changes in plan reporting.

Note: The employer's annual required contribution as a percent of payroll is calculated by dividing the dollar amount reported in the schedule of employer contributions by the covered payroll reported in the schedule of funding. The U.S. Average Employer data reflects the average for plans of similar type and social Security coverage to the plan.

Source: Public Plans Database

National data averages are weighted by plan size.

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Actuarial Funding

While funded ratios among pension plans vary substantially, in the aggregate, public pension funding levels rose steadily during the 1990s, due largely to strong returns in global equity markets. Since then, sharp market downturns in 2000-02 and 2008-09 negatively affected asset values and increased unfunded pension liabilities and required contributions. A combination of the market downturns, insufficient contributions (for some plans), and increased benefit levels (also for some plans) resulted in a decline in aggregate funding level between 2001 and 2012, and has since remained relatively stable.

Actuarial Funded Ratio for TN Political Subdivisions, 2001-2022

Fiscal Year	TN Political Subdivisions	National Data
2001	90.4	101.7
2002	null	94.6
2003	91.9	88.8
2004	null	87.0
2005	92.7	85.4
2006	null	85.2
2007	89.5	86.3
2008	null	84.4
2009	86.3	78.4
2010	null	75.7
2011	89.2	74.3
2012	null	72.3
2013	95.0	71.8
2014	null	73.2
2015	98.8	73.2
2016	99.5	71.6
2017	97.2	72.0
2018	98.1	72.4
2019	100.7	72.5
2020	102.8	72.6
2021	99.8	75.8
2022	97.7	76.2

Source: Public Plans Database

National data averages are weighted by plan size.

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Investments

The major asset allocation classes presented in the PPD are generated from the specific asset classes that plans report. For consistent reporting in the PPD, the individual asset classes reported by plans are categorized as one of eight major asset classes: equity, fixed income, real estate, private equity, hedge funds, commodities, misc. alternative assets, cash, and other. For more details on the PPD allocation data please see documentation.

Asset Allocation for TN Political Subdivisions, 2022

Category	Percent
Equities	42.2
Fixed Income	19.8
Private Equity	23.7
Real Estate	13.0
Cash	1.4
Other	0.0
Commodities	0.0
Hedge Fund	0.0
Misc. Alternatives	0.0

Source: Public Plans Database

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Asset Allocation for State and Local Pensions, 2022

Category	Percent
Equities	41.4
Fixed Income	20.6
Private Equity	13.9
Real Estate	10.8
Cash	2.2
Other	0.4
Commodities	2.5
Hedge Fund	6.5
Misc. Alternatives	1.7

Note: The most recent year of data contains virtually all the plans in the PPD.

Source: Public Plans Database

National data averages are weighted by plan size.

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Asset allocation for TN Political Subdivisions, 2001-2022

Fiscal Year	Equities	Fixed Income	Private Equity	Real Estate	Cash
2001	40.7	52.7	0.0	1.2	5.4
2002	40.6	50.0	0.0	1.5	7.9
2003	35.8	53.3	0.0	1.6	9.3
2004	40.9	50.5	0.0	1.5	7.1
2005	42.0	52.7	0.0	1.6	3.7
2006	43.8	49.3	0.0	3.2	3.6
2007	48.7	45.1	0.0	3.3	2.9
2008	51.4	43.8	0.0	4.2	0.6
2009	39.6	47.2	0.0	4.6	8.6
2010	47.2	47.7	0.1	3.4	1.7
2011	55.1	40.0	0.2	3.2	1.5
2012	56.0	37.9	0.5	3.9	1.7
2013	56.6	35.7	0.7	4.9	2.1
2014	58.2	32.8	2.8	5.3	0.9
2015	55.1	32.5	4.9	6.5	1.0
2016	53.6	31.5	7.0	7.5	0.4
2017	54.5	28.7	8.2	7.7	0.9
2018	52.3	28.8	10.0	8.3	0.6
2019	50.5	26.9	11.9	8.8	1.9
2020	48.7	25.8	14.8	9.0	1.7
2021	48.9	23.2	17.7	8.9	1.3
2022	42.2	19.8	23.7	13.0	1.4

Source: Public Plans Database

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Annual Return as of June 30 for TN Political Subdivisions, 2001-2022

Fiscal Year	TN Political Subdivisions	Assumed return
2001	-1.57	7.50
2002	-1.92	7.50
2003	4.90	7.50
2004	9.32	7.50
2005	7.26	7.50
2006	6.94	7.50
2007	13.15	7.50
2008	-1.21	7.50
2009	-15.27	7.50
2010	10.24	7.50
2011	19.59	7.50
2012	5.61	7.50
2013	9.92	7.50
2014	16.65	7.50
2015	3.33	7.50
2016	2.79	7.50
2017	11.42	7.50
2018	8.19	7.25
2019	7.54	7.25
2020	4.94	7.25
2021	25.60	7.25
2022	-3.63	6.75

Note: The PPD average is for plans with a similar fiscal year end (FYE) date to the plan presented on this page. he FYE date for the majority of plans is either June 30th or December 31st. hose with FYE dates that do not fall on either of those two dates are compared with the June 30th plans. he PPD average return includes plans that report gross returns and returns net of fees.

Source: Public Plans Database

National data averages are weighted by plan size.

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Annualized 5-Year Return

TN Political Subdivisions	PPD Sample
8.1	7.8

Annualized 10-Year Return

TN Political Subdivisions	PPD Sample
8.4	8.5

Cash Flows

Cash Flow vs. Total Assets (Millions)
TN Political Subdivisions
2001-2022

Fiscal Year	Cash Flow	Assets
2001	25.5	3,160.2
2002	30.1	3,160.2
2003	52.0	3,313.7
2004	45.7	3,691.8
2005	80.1	4,043.1
2006	79.0	4,405.2
2007	100.8	5,094.7
2008	94.9	5,120.9
2009	98.8	4,420.5
2010	84.1	4,964.5
2011	84.0	6,024.5
2012	65.2	6,416.1
2013	41.9	7,080.9
2014	7.9	8,259.5
2015	-42.9	8,473.3
2016	-35.8	8,667.7
2017	-45.5	9,607.1
2018	-57.2	10,345.3
2019	-92.0	11,020.0
2020	-118.3	11,438.0
2021	-150.0	14,219.3
2022	-170.9	13,507.0

Source: Public Plans Database

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2022 Cash Flows for TN Political Subdivisions (millions)

Inflows	Outflows	Investment Gains (losses)	Change in Net Assets
391.9	562.8	-541.5	-712.4

Source: Public Plans Database

Note: The PPD average is for plans with a similar fiscal year end (FYE) date to the plan presented on this page.

Cash Flow as a Percentage of Assets
TN Political Subdivisions
2001-2022

Fiscal Year	TN Political Subdivisions	National Average
2001	0.8	-2.0
2002	1.0	-2.4
2003	1.6	-2.5
2004	1.2	-1.8
2005	2.0	-2.2
2006	1.8	-2.2
2007	2.0	-2.0
2008	1.9	-2.1
2009	2.2	-3.1
2010	1.7	-3.2
2011	1.4	-3.0
2012	1.0	-3.2
2013	0.6	-3.1
2014	0.1	-2.9
2015	-0.5	-2.7
2016	-0.4	-2.9
2017	-0.5	-2.8
2018	-0.6	-2.4
2019	-0.8	-2.4
2020	-1.0	-2.3
2021	-1.1	-2.0
2022	-1.3	-1.9

Note: The PPD average is for plans with a similar fiscal year end (FYE) date to the plan presented on this page.

Source: Public Plans Database

National data averages are weighted by plan size.

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2022 Financial Reports

Benefits

Website for TN Political Subdivisions benefit descriptions.

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Plan Data: TN Political Subdivisions

TN Political Subdivisions Basics

Assets, Participants, and Benefits

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2022 Membership for TN Political Subdivisions

Costs

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Actuarial Funding

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Investments

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Annualized 5-Year Return

Annualized 10-Year Return

Cash Flows

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2022 Cash Flows for TN Political Subdivisions (millions)

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2022 Financial Reports

Benefits

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