TN State and Teachers Basics

  • Established 1972
  • Currently open to new hires
  • Plan covers state employees
  • Plan members covered by Social Security
  • Teachers are covered under a cost sharing plan; state employees are covered under a multi-employer agent plan

Assets, Participants, and Benefits

Assets at Year-End, TN State and Teachers, 2001-2018

Fiscal Year Net Assets (billions)
2001 20.6
2002 19.9
2003 20.4
2004 21.9
2005 23.2
2006 24.4
2007 27.3
2008 26.5
2009 21.9
2010 23.6
2011 27.6
2012 28.5
2013 30.5
2014 34.6
2015 34.8
2016 34.6
2017 37.4
2018 39.4

Source: Public Plans Database

Number of Actives per Annuitant, 2001-2018

Fiscal Year TN State and Teachers US State and Local Pensions
2001 2.2 2.5
2002 2.2 2.4
2003 2.1 2.3
2004 2.1 2.2
2005 2.0 2.1
2006 2.0 2.1
2007 1.9 2.0
2008 1.8 2.0
2009 1.8 1.9
2010 1.7 1.8
2011 1.6 1.7
2012 1.5 1.6
2013 1.5 1.5
2014 1.4 1.5
2015 1.3 1.5
2016 1.2 1.4
2017 1.2 1.4
2018 1.1 1.3

Source: Public Plans Database

National data averages are weighted by plan size.

Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for TN State and Teachers, 2001-2018

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll {role:annotation}
2001 5.2 0.0 5.0 5.2 5.2
2002 5.3 0.0 4.8 5.3 5.3
2003 5.5 0.0 5.7 5.5 5.5
2004 5.4 0.0 7.3 5.4 5.4
2005 8.5 0.0 9.0 8.5 8.5
2006 8.6 0.0 9.3 8.6 8.6
2007 9.8 0.0 10.0 9.8 9.8
2008 10.1 0.0 10.4 10.1 10.1
2009 9.6 0.0 10.2 9.6 9.6
2010 9.6 0.0 10.5 9.6 9.6
2011 11.9 0.0 12.5 11.9 11.9
2012 11.9 0.0 12.9 11.9 11.9
2013 11.8 0.0 14.0 11.8 11.8
2014 12.5 0.0 14.4 12.5 12.5
2015 12.3 0.0 14.9 12.3 12.3
2016 12.1 0.0 14.8 12.1 12.1
2017 12.0 0.0 15.1 12.0 12.0
2018 null null 15.9 null null

Source: Public Plans Database

National data averages are weighted by plan size.

Actuarial Funding

Actuarial Funded Ratio for TN State and Teachers, 2001-2018

Fiscal Year TN State and Teachers National Data
2001 99.6 106.5
2002 99.7 101.1
2003 99.8 94.2
2004 99.8 93.1
2005 99.8 91.1
2006 97.9 90.5
2007 96.2 91.2
2008 93.3 90.2
2009 90.6 83.2
2010 91.4 81.5
2011 92.1 80.4
2012 92.7 78.9
2013 93.3 78.7
2014 94.3 79.0
2015 95.2 78.2
2016 95.4 76.3
2017 93.2 76.4
2018 93.4 76.6

Source: Public Plans Database

National data averages are weighted by plan size and reflects the average for plans of similar type and Social Security coverage.

Investments

Asset Allocation for TN State and Teachers, 2018

Category Percent
Equities 52.3
Fixed Income 28.8
Private Equity 10.0
Real Estate 8.3
Cash 0.6
Other 0.0
Commodities 0.0
Hedge Fund 0.0
Misc. Alternatives 0.0

Source: Public Plans Database

Asset Allocation for State and Local Pensions, 2018

Category Percent
Equities 48.3
Fixed Income 22.2
Private Equity 9.0
Real Estate 8.4
Cash 1.8
Other 0.3
Commodities 1.9
Hedge Fund 7.0
Misc. Alternatives 1.2

Source: Public Plans Database

National data averages are weighted by plan size.


Asset allocation for TN State and Teachers, 2001-2018

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 40.7 52.7 0.0 1.2 5.4 0.0 0.0 0.0 0.0
2002 40.6 50.0 0.0 1.5 7.9 0.0 0.0 0.0 0.0
2003 35.8 53.3 0.0 1.6 9.3 0.0 0.0 0.0 0.0
2004 40.9 50.5 0.0 1.5 7.1 0.0 0.0 0.0 0.0
2005 42.0 52.7 0.0 1.6 3.7 0.0 0.0 0.0 0.0
2006 43.8 49.3 0.0 3.2 3.6 0.0 0.0 0.0 0.0
2007 48.7 45.1 0.0 3.3 2.9 0.0 0.0 0.0 0.0
2008 51.4 43.8 0.0 4.2 0.6 0.0 0.0 0.0 0.0
2009 39.6 47.2 0.0 4.6 8.6 0.0 0.0 0.0 0.0
2010 47.2 47.7 0.1 3.4 1.7 0.0 0.0 0.0 0.0
2011 55.1 40.0 0.2 3.2 1.5 0.0 0.0 0.0 0.0
2012 56.0 37.9 0.5 3.9 1.7 0.0 0.0 0.0 0.0
2013 56.6 35.7 0.7 4.9 2.1 0.0 0.0 0.0 0.0
2014 58.2 32.8 2.8 5.3 0.9 0.0 0.0 0.0 0.0
2015 55.0 32.5 4.9 6.5 1.0 0.0 0.0 0.0 0.0
2016 53.5 31.5 7.0 7.5 0.4 0.0 0.0 0.0 0.0
2017 54.4 28.7 8.2 7.7 0.9 0.0 0.0 0.0 0.0
2018 52.3 28.8 10.0 8.3 0.6 0.0 0.0 0.0 0.0

Source: Public Plans Database


Annual Return as of June 30 for TN State and Teachers, 2001-2018

Fiscal Year TN State and Teachers 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

Source: Public Plans Database

National data averages are weighted by plan size.

Cash Flows

Cash Flow vs. Total Assets (Millions)
TN State and Teachers
2001-2018

Fiscal Year Cash Flow Assets
2001 -310.1 20,578.0
2002 -341.3 19,909.4
2003 -368.9 20,443.3
2004 -419.5 21,894.7
2005 -300.8 23,173.2
2006 -351.9 24,415.5
2007 -346.9 27,271.3
2008 -396.7 26,513.2
2009 -505.2 21,948.7
2010 -571.5 23,609.7
2011 -523.6 27,638.8
2012 -615.8 28,496.6
2013 -734.4 30,484.0
2014 -827.6 34,645.7
2015 -929.6 34,761.3
2016 -1,045.1 34,638.5
2017 -1,095.4 37,407.1
2018 -1,088.7 39,377.3

Source: Public Plans Database


Cash Flow as a Percentage of Assets
TN State and Teachers
2001-2018

Fiscal Year TN State and Teachers National Average
2001 -1.5 -2.3
2002 -1.7 -2.3
2003 -1.8 -2.6
2004 -1.9 -1.7
2005 -1.3 -1.9
2006 -1.4 -1.9
2007 -1.3 -1.7
2008 -1.5 -1.9
2009 -2.3 -2.7
2010 -2.4 -2.9
2011 -1.9 -2.8
2012 -2.2 -3.1
2013 -2.4 -3.0
2014 -2.4 -2.7
2015 -2.7 -2.8
2016 -3.0 -3.0
2017 -2.9 -2.9
2018 -2.8 -2.4

Source: Public Plans Database

National data averages are weighted by plan size.

2018 Financial Reports

Benefits

Website for TN State and Teachers benefit descriptions.