FOR IMMEDIATE RELEASE: April 5, 2016
Media Contact: Shelli King
TENNESSEE STATE TREASURER ANNOUNCES
INVESTMENT IN ISRAEL BONDS
NASHVILLE- State Treasurer David H. Lillard, Jr. announced today a $15 million investment in Israel bonds. This brings all holdings of the Tennessee Consolidated Retirement System portfolio of Israel securities to more than $60 million.
“Our internal investments team strives to make the best possible investments for the members of TC RS and our investments in Israeli-based assets are part of our strong, diversified portfolio,” said Treasurer Lillard.
This announcement was lauded by state leadership, including Governor Bill Haslam, Speaker Beth Harwell, and Lt. Governor Ron Ramsey.
“Tennessee is pro-Israel, and I am pleased that we have an opportunity to make a sound investment that confirms our support.” Lt. Governor Ramsey said.
Tennessee will join more than 80 public investors in Israel bonds from 22 states, including the state of Georgia, and the South Carolina State Treasury.
Senator Bill Ketron, who has sponsored several pro-Israeli resolutions during his tenure, applauded the move. “Throughout my service to Tennessee I have brought legislation to solidify the relationship between our citizens and the people of Israel,” Senator Ketron said. “I am proud to see this financial commitment by the state’s retirement portfolio.”
The Tennessee Consolidated Retirement System (TCRS) is the state’s defined benefit pension plan for state and higher education employees, Tennessee teachers, and the employees of nearly 500 local government and political entities across the state. At the end of fiscal year 2015, the portfolio was valued at $43.2 billion and there were 370,753 members of TCRS, both active and retired. Ninety percent of the $2.2 billion paid last year in benefits to retirees stayed in the state of Tennessee, with payments going to retirees in all 95 counties.
TCRS has been named the fifth best funded pension plan in the country by Standard & Poor’s. Tennessee, through the annual action of the General Assembly and the Governor, has been recognized by all three major ratings agencies for fully funding the Actuarially Determined Contribution every year since 1972.