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Media Contact: Shelli King, Director of Communications

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RetireReadyTN receives Excellence & Innovation Award from Pensions & Investments

RetireReadyTN received an award for its initiative to help public employees and teachers maximize their retirement readiness.

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Nashville, TN RetireReadyTN has received a 2022 Excellence and Innovation Award from Pensions & Investments for its initiative to help public employees and teachers maximize their retirement readiness.

The Tennessee Department of Treasury, under the leadership of Treasurer David H. Lillard, Jr., works to protect the retirement of state and higher education employees, K-12 public school teachers, and the employees of more than 600 participating local governments. RetireReadyTN is the State’s retirement program, combining the strengths of a defined benefit pension provided by the Tennessee Consolidated Retirement System (TCRS), deferred compensation 401(k), and 457(b) plans, and retirement readiness education.

RetireReadyTN was selected for the financial investment publication’s annual award for implementing a strategic plan in partnership with its recordkeeper, Empower Retirement, to increase the number of public employees and teachers meeting one-on-one with a RetireReadyTN Plan Advisor and conducting comprehensive retirement readiness reviews. Since there are 200,000 plan participants and 16 Plan Advisors, RetireReadyTN created a strategy to target public employees and teachers who could be at risk of not meeting their financial needs in retirement. The campaign targets to members who may not be saving enough to replace income when they retire, or who are invested too conservatively or too aggressively based on the number of years until retirement. 

“We thank Pensions & Investments for recognizing the focused efforts of RetireReadyTN to ensure quality, customized investment education is provided to Tennessee’s teachers and public employees, allowing them to achieve personalized retirement security needs,” Treasurer Lillard said.

“Ensuring members are on track for a successful retirement is at the core of everything we do,” said Ashley Nabors, Assistant Treasurer of the Financial Empowerment Division. “By leveraging comprehensive plan data and key indicators of retirement readiness, we can tailor our communication and outreach strategies to specifically target individuals who may not be on track to meet their goals. So far, we are seeing tremendous results. We are driving more retirement readiness meetings with the members who need it most.

Hunter Bethea, Director of the Deferred Compensation Plans, accepted this award on behalf of RetireReadyTN and the Tennessee Department of Treasury as part of the Pensions & Investments Defined Contribution West Conference. Sponsored with the Defined Contribution Institutional Investment Association, P&I recognized eight plans committed to improving retirement outcomes for their participants.  

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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Treasurer Lillard Appointed to Financial Accounting Foundation Board

Tennessee State Treasurer David H. Lillard, Jr. has been appointed to the Board of Trustees of the Financial Accounting Foundation.

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Tennessee State Treasurer David H. Lillard, Jr. has been appointed to the Board of Trustees of the Financial Accounting Foundation.

In the decade he has served as one of Tennessee’s three constitutional officers, Treasurer Lillard has worked to advocate for Tennessee through his financial leadership roles in national organizations. He served as President of the National Executive Committee of the National Association of State Auditors, Comptrollers and Treasurers (NASACT) in 2016-2017, and was a recipient of the 2012 NASACT President’s Award recognizing outstanding service. In 2015, he served as the President of the National Association of State Treasurers (NAST). He has represented NAST on the Governmental Accounting Standards Advisory Council (GASAC).

Tennessee Educators Honored with Financial Literacy Awards

This week the Tennessee Financial Literacy Commission honored three Tennessee educators for taking the lead in bringing financial education tools to their students

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This week the Tennessee Financial Literacy Commission honored three Tennessee educators for taking the lead in bringing financial education tools to their students. Kara Campbell, Cody Hawks, and Candiace Dandridge were each presented with the Tennessee Financial Literacy Commission Leadership Award by Treasurer David H. Lillard, Jr. at an event on Tuesday evening. Chris Holmes, a longtime TNFLC board member, was also honored with the Champion of Financial Literacy Award for his work in driving the success of the Commission’s programs since inception.

State Pooled Investment Fund Hits Historic $12 Billion Mark

For the first time in history, the State Pooled Investment Fund (SPIF) has surpassed a $12 Billion balance

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State Treasurer David H. Lillard, Jr. announces that for the first time in history, the State Pooled Investment Fund (SPIF) has surpassed a $12 Billion balance. Managed by the Tennessee Department of Treasury, the SPIF is made up of the state’s cash, dedicated reserves and trust funds, and funds from local governments throughout Tennessee who choose to invest with the state.

Tennessee Consolidated Retirement System named Top 4 best funded State Pensions by Pew Charitable Trusts

A non-profit focused on non-partisan government research listed Tennessee, along with Wisconsin, South Dakota, and New York as best prepared to fulfil pension promises

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Last week, The Pew Charitable Trusts published research that ranked the Tennessee as one of the best funded state pension programs in the country. A non-profit focused on non-partisan government research, Pew Charitable Trusts listed Tennessee, along with Wisconsin, South Dakota, and New York as best prepared to fulfil pension promises made to public employees.