A money management publication has said the Tennessee Consolidated Retirement System, the state's retirement fund for state government, higher education and other public employees, manages its investments better than any other large public pension plan in the nation.
The rating comes from Money Management Intelligence, a publication featuring news, trends and analysis about and for institutional investors, according to a news release from the state treasurer.
"This is an important honor and I commend Michael Brakebill, our chief investment officer, and all members of the investment division staff for the fine work that they do, day in and day out," Treasurer David H. Lillard Jr. said. "These are very challenging times for investors. However, the Treasury Department investment division finds a way to maximize returns on the funds invested in TCRS. This award is a reflection of their skill and dedication."
The retirement system, which is part of the Tennessee Treasury Department, was recognized as the Large Public Plan of the Year during Money Management Intelligence's 12th Annual Public Pension Plan Awards for Excellence banquet in Huntington Beach, Calif. Public pension plans were evaluated based on their innovativeness and investment performance, the release states.
The Tennessee Consolidated Retirement System serves about 210,500 active employees and 122,500 retirees. It now has about $38 billion in total assets.