State Retirement Fund Recovering

According to State Treasurer David Lillard (former Shelby County Commissioner and past president of TCCA), the state retirement fund has recovered a significant portion of the losses it suffered during the economic downturn. The pension fund fell from a high of $32 billion worth of assets in early 2008 to a low of $23 billion. The fund's assets are now worth approximately $28.5 billion, having recovered over 60% of its losses. These gains and losses can potentially impact future contribution rates for local governments participating in the Tennessee Consolidated Retirement System. It is widely expected that higher contribution rates will be required after the next assessment in order to shore up the fund, but improvements now will help soften the impact.