US public pension profile· TCRS Political Subdivisions
Tennessee Political Subdivisions Retirement Plan
Funding, investment choices and long-term returns.
Tennessee ·Fiscal year 2025
TCRS Political Subdivisions: fiscal year 2025 at a glance
Asset allocation in 2025
| Public equity | 100.00% |
|---|---|
| Fixed income | 0.00% |
| Private equity | 0.00% |
| Real estate | 0.00% |
| Hedge funds | 0.00% |
| Cash | 0.00% |
Returns to 2025
| One year | 10.20% |
|---|---|
| Five years | 9.38% |
| Ten years | 8.15% |
TCRS Political Subdivisions: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 3.2 billion | 93,454 | 90.36% | 7.50% |
| 2002 | USD 3.2 billion | 95,954 | Not reported | 7.50% |
| 2003 | USD 3.3 billion | 98,454 | 91.90% | 7.50% |
| 2004 | USD 3.7 billion | 102,253 | Not reported | 7.50% |
| 2005 | USD 4.0 billion | 106,052 | 92.67% | 7.50% |
| 2006 | USD 4.4 billion | 109,906 | Not reported | 7.50% |
| 2007 | USD 5.1 billion | 113,760 | 89.45% | 7.50% |
| 2008 | USD 5.1 billion | 116,153 | Not reported | 7.50% |
| 2009 | USD 4.4 billion | 118,546 | 86.34% | 7.50% |
| 2010 | USD 5.0 billion | 120,668 | Not reported | 7.50% |
| 2011 | USD 6.0 billion | 122,790 | 89.15% | 7.50% |
| 2012 | USD 6.4 billion | 123,972 | Not reported | 7.50% |
| 2013 | USD 7.1 billion | 125,153 | 94.97% | 7.50% |
| 2014 | USD 8.3 billion | 128,624 | Not reported | 7.50% |
| 2015 | USD 8.5 billion | 132,095 | 98.79% | 7.50% |
| 2016 | USD 8.7 billion | 136,304 | 99.50% | 7.50% |
| 2017 | USD 9.6 billion | 139,929 | 97.16% | 7.25% |
| 2018 | USD 10.3 billion | 144,163 | 98.15% | 7.25% |
| 2019 | USD 11.0 billion | 148,849 | 100.70% | 7.25% |
| 2020 | USD 11.4 billion | 151,792 | 102.81% | 7.25% |
| 2021 | USD 14.2 billion | 155,187 | 99.85% | 6.75% |
| 2022 | USD 13.5 billion | 159,843 | 97.74% | 6.75% |
| 2023 | USD 14.3 billion | 167,057 | 97.02% | 6.75% |
| 2024 | USD 15.5 billion | 173,064 | 96.19% | 6.75% |
| 2025 | Not reported | Not reported | Not reported | Not reported |
TCRS Political Subdivisions: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 40.70% | 52.70% | 0.00% | 1.20% | 0.00% | 5.40% |
| 2002 | 40.58% | 50.00% | 0.00% | 1.54% | 0.00% | 7.88% |
| 2003 | 35.80% | 53.30% | 0.00% | 1.60% | 0.00% | 9.30% |
| 2004 | 40.87% | 50.49% | 0.00% | 1.52% | 0.00% | 7.12% |
| 2005 | 41.96% | 52.75% | 0.00% | 1.60% | 0.00% | 3.70% |
| 2006 | 43.84% | 49.35% | 0.00% | 3.20% | 0.00% | 3.60% |
| 2007 | 48.70% | 45.10% | 0.00% | 3.30% | 0.00% | 2.90% |
| 2008 | 51.40% | 43.80% | 0.00% | 4.20% | 0.00% | 0.60% |
| 2009 | 39.60% | 47.20% | 0.00% | 4.60% | 0.00% | 8.60% |
| 2010 | 47.15% | 47.65% | 0.10% | 3.40% | 0.00% | 1.70% |
| 2011 | 55.10% | 40.00% | 0.20% | 3.20% | 0.00% | 1.50% |
| 2012 | 56.03% | 37.89% | 0.50% | 3.89% | 0.00% | 1.70% |
| 2013 | 56.60% | 35.70% | 0.70% | 4.90% | 0.00% | 2.10% |
| 2014 | 58.20% | 32.80% | 2.80% | 5.30% | 0.00% | 0.90% |
| 2015 | 55.06% | 32.53% | 4.90% | 6.51% | 0.00% | 1.00% |
| 2016 | 53.55% | 31.53% | 7.01% | 7.51% | 0.00% | 0.40% |
| 2017 | 54.45% | 28.73% | 8.21% | 7.71% | 0.00% | 0.90% |
| 2018 | 52.30% | 28.80% | 10.00% | 8.30% | 0.00% | 0.60% |
| 2019 | 50.45% | 26.93% | 11.91% | 8.81% | 0.00% | 1.90% |
| 2020 | 48.70% | 25.80% | 14.80% | 9.00% | 0.00% | 1.70% |
| 2021 | 48.90% | 23.20% | 17.70% | 8.90% | 0.00% | 1.30% |
| 2022 | 42.16% | 19.78% | 23.68% | 12.99% | 0.00% | 1.40% |
| 2023 | 45.20% | 17.80% | 24.50% | 11.70% | 0.00% | 0.80% |
| 2024 | 46.75% | 17.62% | 24.22% | 10.21% | 0.00% | 1.20% |
| 2025 | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TCRS Political Subdivisions: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -1.57% | 9.16% | Not reported |
| 2002 | -1.92% | 5.58% | Not reported |
| 2003 | 4.90% | 3.65% | Not reported |
| 2004 | 9.32% | 3.62% | Not reported |
| 2005 | 7.26% | 3.49% | Not reported |
| 2006 | 6.94% | 5.24% | Not reported |
| 2007 | 13.15% | 8.30% | Not reported |
| 2008 | -1.21% | 6.99% | Not reported |
| 2009 | -15.27% | 1.68% | Not reported |
| 2010 | 10.24% | 2.23% | 2.86% |
| 2011 | 19.59% | 4.54% | 4.88% |
| 2012 | 5.61% | 3.11% | 5.66% |
| 2013 | 9.92% | 5.33% | 6.16% |
| 2014 | 16.65% | 12.29% | 6.85% |
| 2015 | 3.33% | 10.85% | 6.45% |
| 2016 | 2.79% | 7.54% | 6.03% |
| 2017 | 11.42% | 8.70% | 5.87% |
| 2018 | 8.19% | 8.35% | 6.83% |
| 2019 | 7.54% | 6.60% | 9.41% |
| 2020 | 4.94% | 6.93% | 8.87% |
| 2021 | 25.60% | 11.30% | 9.41% |
| 2022 | -3.63% | 8.12% | 8.41% |
| 2023 | 6.66% | 7.82% | 8.08% |
| 2024 | 10.06% | 8.32% | 7.46% |
| 2025 | 10.20% | 9.38% | 8.15% |