US public pension profile· TCRS State and Teachers
Tennesee State and Teachers' Retirement Plan
Funding, investment choices and long-term returns.
Tennessee ·Fiscal year 2025
TCRS State and Teachers: fiscal year 2025 at a glance
- Assumed investment return
- 7.25%
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 State and Teachers: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 20.6 billion | 198,408 | 99.61% | 7.50% |
| 2002 | USD 19.9 billion | 201,343 | Not reported | 7.50% |
| 2003 | USD 20.4 billion | 204,277 | 99.76% | 7.50% |
| 2004 | USD 21.9 billion | 210,433 | Not reported | 7.50% |
| 2005 | USD 23.2 billion | 216,588 | 99.83% | 7.50% |
| 2006 | USD 24.4 billion | 222,274 | Not reported | 7.50% |
| 2007 | USD 27.3 billion | 227,959 | 96.24% | 7.50% |
| 2008 | USD 26.5 billion | 231,319 | Not reported | 7.50% |
| 2009 | USD 21.9 billion | 234,679 | 90.64% | 7.50% |
| 2010 | USD 23.6 billion | 238,088 | Not reported | 7.50% |
| 2011 | USD 27.6 billion | 241,496 | 92.10% | 7.50% |
| 2012 | USD 28.5 billion | 245,151 | Not reported | 7.50% |
| 2013 | USD 30.5 billion | 248,806 | 93.34% | 7.50% |
| 2014 | USD 34.6 billion | 255,210 | Not reported | 7.50% |
| 2015 | USD 34.8 billion | 261,614 | 95.20% | 7.50% |
| 2016 | USD 34.6 billion | 272,270 | 95.44% | 7.50% |
| 2017 | USD 37.4 billion | 281,710 | 93.15% | 7.50% |
| 2018 | USD 39.4 billion | 292,512 | 93.41% | 7.25% |
| 2019 | USD 41.1 billion | 301,318 | 96.99% | 7.25% |
| 2020 | USD 41.9 billion | 309,738 | 98.63% | 7.25% |
| 2021 | USD 51.3 billion | 350,478 | 96.70% | 7.25% |
| 2022 | USD 48.2 billion | 358,918 | 98.20% | 7.25% |
| 2023 | USD 50.4 billion | 370,518 | 98.90% | 7.25% |
| 2024 | USD 54.1 billion | 380,249 | 97.47% | 7.25% |
| 2025 | Not reported | Not reported | Not reported | 7.25% |
TCRS State and Teachers: 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 State and Teachers: 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% |