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, 2001-2023

Fiscal Year Net Assets (billions)
2001 20.58
2002 19.91
2003 20.44
2004 21.89
2005 23.17
2006 24.42
2007 27.27
2008 26.51
2009 21.95
2010 23.61
2011 27.64
2012 28.50
2013 30.48
2014 34.65
2015 34.77
2016 34.64
2017 37.41
2018 39.38
2019 41.11
2020 41.91
2021 51.26
2022 48.24
2023 50.41

Source: Public Plans Database

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Number of Actives per Annuitant, 2001-2023

Fiscal Year TN State and Teachers US State and Local Pensions
2001 2.2 2.4
2002 2.2 2.3
2003 2.1 2.2
2004 2.1 2.1
2005 2.0 2.1
2006 2.0 2.0
2007 1.9 2.0
2008 1.8 1.9
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 1.4
2015 1.3 1.4
2016 1.3 1.4
2017 1.3 1.4
2018 1.3 1.3
2019 1.3 1.3
2020 1.2 1.3
2021 1.2 1.2
2022 1.2 1.2
2023 1.2 1.2

Source: Public Plans Database

National data averages are weighted by plan size.

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Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for TN State and Teachers, 2001-2023

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll
2001 5.2 0.0 5.3 5.2
2002 null 0.0 5.2 null
2003 5.5 0.0 6.0 5.5
2004 null 0.0 7.8 null
2005 8.5 0.0 9.6 8.5
2006 null 0.0 9.9 null
2007 9.8 0.0 10.6 9.8
2008 null 0.0 11.0 null
2009 9.6 0.0 11.0 9.6
2010 null 0.0 11.6 null
2011 11.9 0.0 13.4 11.9
2012 null 0.0 14.1 null
2013 11.8 0.0 15.1 11.8
2014 null null 15.8 null
2015 null null 15.8 null
2016 null null 15.7 null
2017 null null 15.6 null
2018 null null 16.3 null
2019 null null 16.6 null
2020 null null 17.0 null
2021 null null 17.6 null
2022 12.7 0.0 17.7 9.8
2023 null null 17.0 null

Source: Public Plans Database

National data averages are weighted by plan size.

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Actuarial Funding

Actuarial Funded Ratio for TN State and Teachers, 2001-2023

Fiscal Year TN State and Teachers National Data
2001 99.6 101.7
2002 null 94.5
2003 99.8 88.8
2004 null 87.0
2005 99.8 85.4
2006 null 85.2
2007 96.2 86.3
2008 null 84.4
2009 90.6 78.4
2010 null 75.7
2011 92.1 74.3
2012 null 72.3
2013 93.3 71.8
2014 null 73.2
2015 95.2 73.2
2016 95.4 71.6
2017 93.2 72.0
2018 93.4 72.4
2019 96.7 72.5
2020 98.6 72.6
2021 96.7 75.8
2022 98.2 76.2
2023 98.9 75.9

Source: Public Plans Database

National data averages are weighted by plan size.

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Investments

Asset Allocation for TN State and Teachers, 2023

Category Percent
Equities 45.2
Fixed Income 17.8
Private Equity 24.5
Real Estate 11.7
Cash 0.8
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, 2023

Category Percent
Equities 42.5
Fixed Income 20.4
Private Equity 14.0
Real Estate 10.3
Cash 1.9
Other 0.0
Commodities 2.7
Hedge Fund 6.4
Misc. Alternatives 1.9

Source: Public Plans Database

National data averages are weighted by plan size.

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Asset allocation for TN State and Teachers, 2001-2023

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 55.1 32.5 4.9 6.5 1.0 0.0 0.0 0.0 0.0
2016 53.6 31.5 7.0 7.5 0.4 0.0 0.0 0.0 0.0
2017 54.5 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
2019 50.5 26.9 11.9 8.8 1.9 0.0 0.0 0.0 0.0
2020 48.7 25.8 14.8 9.0 1.7 0.0 0.0 0.0 0.0
2021 48.9 23.2 17.7 8.9 1.3 0.0 0.0 0.0 0.0
2022 42.2 19.8 23.7 13.0 1.4 0.0 0.0 0.0 0.0
2023 45.2 17.8 24.5 11.7 0.8 0.0 0.0 0.0 0.0

Source: Public Plans Database

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Annual Return as of June 30 for TN State and Teachers, 2001-2023

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
2019 7.54 7.25
2020 4.94 7.25
2021 25.60 6.75
2022 -3.63 6.75
2023 6.66 7.25

Source: Public Plans Database

National data averages are weighted by plan size.

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Cash Flows

Cash Flow vs. Total Assets (Millions)
TN State and Teachers
2001-2023

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 34,770.7
2016 -1,045.1 34,638.5
2017 -1,095.4 37,407.1
2018 -1,088.7 39,377.3
2019 -1,151.6 41,114.6
2020 -1,206.3 41,911.5
2021 -1,295.4 51,261.4
2022 -1,080.8 48,240.9
2023 null 50,406.1

Source: Public Plans Database

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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 State and Teachers
2001-2023

Fiscal Year TN State and Teachers National Average
2001 -1.5 -2.0
2002 -1.7 -2.4
2003 -1.8 -2.5
2004 -1.9 -1.8
2005 -1.3 -2.2
2006 -1.4 -2.2
2007 -1.3 -2.0
2008 -1.5 -2.1
2009 -2.3 -3.1
2010 -2.4 -3.2
2011 -1.9 -3.0
2012 -2.2 -3.2
2013 -2.4 -3.1
2014 -2.4 -2.9
2015 -2.7 -2.7
2016 -3.0 -2.9
2017 -2.9 -2.8
2018 -2.8 -2.4
2019 -2.8 -2.4
2020 -2.9 -2.3
2021 -2.5 -2.0
2022 -2.2 -1.9
2023 null -1.9

Source: Public Plans Database

National data averages are weighted by plan size.

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2022 Financial Reports

Benefits

Website for TN State and Teachers benefit descriptions.