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Media Contact: Shelli King, Director of Communications

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Tennessee General Assembly makes historic $250 million contribution to TCRS

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The 112th Tennessee General Assembly appropriated a historic one-time additional contribution of $250 million to the Tennessee Consolidated Retirement System (TCRS) State and Higher Education plan. The largest single contribution in the history of TCRS, this appropriation will further bolster the pension and help lower future recurring contributions.

Thomas Kim named Deputy CIO of Treasury Investments Division

The Tennessee Department of Treasury has named Thomas Kim as its new Deputy Chief Investment Officer.

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NASHVILLE - The Tennessee Department of Treasury has named Thomas Kim as its new Deputy Chief Investment Officer.

Mr. Kim, who has served as Director of Fixed Income since 2015, will now assist Chief Investment Officer Michael Brakebill in leading the Treasury Investments Division, which is responsible for internally managing over $82.2 billion in state assets, including the Tennessee Consolidated Retirement System (TCRS) valued at over $53.4 billion.

“I am honored to be able to serve Tennesseans in this capacity,” Mr. Kim said. “I want to thank CIO Brakebill and Treasurer Lillard for giving me this opportunity, and I look forward to assisting the investment team any way I can.”

Mr. Kim is a Chartered Financial Analyst (CFA) responsible for managing and supervising the fixed income division of the TCRS. He was hired at Treasury in 2010 as a senior portfolio manager to manage the corporate bond portfolio at TCRS. Mr. Kim has nearly 25 years of investment experience in fixed income and equity.

“Thomas Kim has proven to be an excellent leader and investor as our Director of Fixed Income,” Mr. Brakebill said. “I frequently look to him for advice. We have worked closely as investors and managers for a number of years, and I look forward to his contributions in this expanded role.”

Mr. Kim came to Treasury with nearly 15 years of private sector experience in asset management for fixed income and equities. He began his career at Legg Mason as an associate equity analyst. After leaving Legg Mason, he oversaw a credit bond portfolio for ASB Capital Management and then Calvert Group in Washington, D.C. He then managed a credit research department to support mutual funds at MTB Investment Advisors (now Wilmington Trust). He holds an MBA from the University of Maryland-College Park and earned a BA from Towson University.

"Thomas Kim has repeatedly demonstrated his ability as a disciplined, insightful investor in these times of volatile markets and, as Deputy CIO, will be the perfect addition to the leadership of the excellent investment team our CIO Michael Brakebill has assembled," said Tennessee State Treasurer David H. Lillard, Jr.

 

About the Treasury Investments Division

The Tennessee Department of Treasury is responsible for many of the financial operations of state government, including managing and overseeing more than $82.2 billion in assets through its various investment programs, the largest of which is the Tennessee Consolidated Retirement System valued at $53.4 billion. Treasury’s Investment Division is comprised of 36 professionals with extensive education, professional training and designations to manage its investments. The department achieves investment returns consistent with its peers while maintaining an investment expense among the lowest in the southeast. For more information on the Investments Division, visit treasury.tn.gov/Investments.

 

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Tennessee Treasury Observes National Crime Victims’ Rights Week, April 18-24

Criminal Injuries Compensation Program Provides Last Resort Funds to Help Restore TN Victims

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NASHVILLE - The Tennessee Department of Treasury is joining organizations across the country April 18 - 24 in recognizing National Crime Victims’ Rights Week to raise awareness of victims’ rights, inspire the community, and address unmet needs.

In observation of the week, State Treasurer David H. Lillard, Jr., wants to remind the public of a fund designed to help innocent victims of violent crimes in Tennessee and restore hope. The Criminal Injuries Compensation (CIC) Program, a program of the Tennessee Department of Treasury, serves victims who have no other means of helping to defray the costs of eligible expenses. The fund covers expenses caused by personal injury, such as medical bills, lost wages, loss of support to financial dependents, mental health counseling, and more.

Money in the fund can even help with the expenses incurred while cleaning the scene of the crime, if it occurred in a victim’s home. If the crime results in the death of the victim, the fund can help those remaining dependents with some financial support and can help cover funeral expenses. 

The theme for the 2021 National Crime Victims’ Rights Week, “Support Victims. Build Trust. Engage Communities” celebrates the contributions that we all can make toward building trust in our community’s capacity to support the healing journeys of crime victims. We are honoring both the individual victims in our community and the groups engaged in building networks of understanding and support.

About 1.2 million people were victims of violent crime in 2019, excluding simple assault, a significant decrease from the year before, according to the most recent National Crime Victimization Survey from the Bureau of Justice Statistics. Now is the time to redouble our efforts so that victimization continues to decline and fewer and fewer Tennesseans become victims of crime.

Since its inception in 1982, the Criminal Injuries Compensation Fund has paid out more than $325 million in claims to Tennessee victims and their families when no other financial means were available. The money in the fund comes from fines, penalties, and fees paid by criminals to state and federal courts.

“This is a fund of last resort,” Treasurer Lillard said. “One would hope to never be a victim, but we all know bad things do happen. When you have no other means, please know there is still help with this program.”

Learn more about the CIC program at treasury.tn.gov/injury. Follow the Tennessee Treasury on Facebook and Twitter to get involved in the National Crime Victims’ Rights Week conversation.

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April is Financial Literacy month

It also marks 12 months of extraordinary challenges for many individuals and families in Tennessee.

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NASHVILLE - April is Financial Literacy month. It also marks 12 months of extraordinary challenges for many individuals and families in Tennessee. While the COVID-19 pandemic has threatened public health, it also presented widespread economic hardship and instability for so many. With Tennesseans facing historic disruptions to the economy and employment, financial education becomes even more essential to ensuring a brighter future for our youngest citizens.

As your State Treasurer, I have worked with our General Assembly, and dedicated businesses and individuals who share our passion, to expand access to high quality financial literacy tools through the Tennessee Financial Literacy Commission. Our goal is to ensure Tennesseans in every county have access to age-appropriate financial education tools, beginning as early as kindergarten. The Commission carries out this goal primarily by providing educators with the tools, training and support needed to incorporate financial literacy concepts into their classrooms. 

Additionally, the Commission shares free, web-based resources on its website for children and adults to access any time. With the help of a parent or guardian, children can develop smart money skills from home through the Vault – Understanding Money program, an online program where students in grades 3-8 can play games designed to introduce them to critical financial literacy lessons on topics such as income and careers, planning for the future, credit and borrowing, spending and saving, and more!

Tennessee adults have 24/7 online access to the Financial Empowerment Resource Library. This free online financial education tool contains interactive modules covering financial topics, including budgeting, building emergency savings, credit scores and reports, homeownership, auto loans, checking accounts, and retirement planning.

This month, as people around the nation celebrate Financial Literacy, I encourage Tennesseans to take a step toward improving your financial security by utilizing these resources at TNFLC.org, or Treasury.tn.gov > Financial Education.

David H. Lillard, Jr.
Tennessee State Treasurer

Tennessee Consolidated Retirement System named in Top 3 best-funded State Pensions by Pew Charitable Trusts

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The Tennessee Consolidated Retirement System (TCRS) has once again been recognized nationally as one of the best-funded state pension programs in the country. In a recent report, Pew Charitable Trusts, a nonprofit focused on non-partisan government research, listed Tennessee, along with New York and South Dakota, as best prepared to fulfill pension promises made to public employees.

Tennessee Consolidated Retirement System’s FY20 investments out-earn pension peers, despite challenging economy

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The Tennessee Consolidated Retirement System (TCRS) finished the 2020 fiscal year with 4.94% investment return. The portfolio earned nearly 10% in the last quarter of fiscal year 2020, rebounding from a low in March and exceeding earnings of peer state pension systems, despite an ongoing economic downturn due to the COVID-19 pandemic.

Celebrate 529 Day with the Tennessee Department of Treasury by understanding ‘Why Tennesseans save for college’

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The Tennessee Department of Treasury annually recognizes 529 Day to raise awareness of the importance of saving for a child’s future education. May 29 is nationally recognized as 529 College Savings Plan Day, and TNStars is exploring statewide ‘Why Tennesseans save for college.’

Nearly $1 Billion waiting to be claimed online through Tennessee Treasury’s Unclaimed Property Division

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During these challenging times, many Tennesseans can use some extra money. For hundreds of thousands of Tennesseans who have unclaimed property, discovering missing money can be as simple as searching our online database for your name, and submitting a claim through the Unclaimed Property Division.

Tennessee Treasury Unclaimed Property on the Road to Reunite Tennesseans with Missing Money Throughout the State

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The Tennessee Department of Treasury, Unclaimed Property Division, is traveling to events across the state to reunite Tennesseans with missing money. Last fiscal year, the Division returned a record-breaking 62,549 claims, resulting in $65.4 million returned to Tennesseans.