State Treasurer David H. Lillard Jr. reelected to 9th term by 114th Tennessee General Assembly

Nashville, TN – State Treasurer David H. Lillard Jr. was elected to a ninth term by the 114th Tennessee General Assembly, during a Joint Convention held this morning.

Treasurer Lillard, first elected in January 2009, will continue to lead the Tennessee Department of Treasury for the next two years in its work to serve Tennesseans. The Department of Treasury is responsible for many financial operations of state government, including managing and overseeing more than $125.5 billion in assets through various investment programs.

During his tenure, Treasurer Lillard has worked to improve the financial standing of the state and the financial quality of life for Tennessee citizens. Some of his achievements include:

• More than $62.7 billion earned by Treasury on the world securities markets for various funds under investment during his time as State Treasurer. Money earned through investments helps fund critical services and the retirement of Tennessee’s public employees. Each year, Treasury adds money for state services by reverting earnings to use in subsequent fiscal year budgets. In the past 10 years, Treasury has added more than $421 million to state budgets through investment earnings. Additionally, more than 68% of monthly benefits paid to retirees in the state’s plan were funded through investment earnings.

• Restructuring the state pension fund to an adjustable hybrid plan, one of the most innovative reforms in the nation, to provide a cost effective, sufficient, and sustainable retirement benefit. The objective of the Hybrid Plan is to provide a sustainable, sufficient, and cost-effective retirement for employees of the State of Tennessee and participating local government entities. Since 2014, Treasury estimates the state has saved $1.17 billion in employer contributions for state and higher education employees, and public-school teachers.

• Establishing the TNStars 529 College Savings Program in 2012. The low-cost investment program is recognized for offering economical and high-performing investment options for Tennessee families to save for the cost of post-secondary education. Today, families have saved over $400 million for the cost of future higher education.

• Becoming the second state in the nation to offer an Achieving a Better Life Experience program when ABLE TN was launched in June 2016. ABLE TN is a savings program designed to help individuals with disabilities put aside money with tax-free earnings to pay for qualified expenses. ABLE TN account holders have saved more than $53.1 million to help them maintain independence and quality of life.

• Establishing the Tennessee Financial Literacy Commission, which strives to improve the lives of Tennesseans through financial literacy by providing innovative educational resources to Tennessee schools and families. The Commission provides free financial literacy resources that can be easily added to any K-8 classroom.

Treasurer Lillard thanked the 114th General Assembly for giving him the opportunity to continue service to Tennesseans as State Treasurer.

“I want to thank our General Assembly and the people of Tennessee for allowing me to continue to serve as your State Treasurer,” Treasurer Lillard said. “I, along with the employees of the Tennessee Department of Treasury, take pride in serving our constituents through financial leadership, management, service, and education. I am humbled by the opportunity to continue to serve my state in this capacity.”

Treasurer Lillard, who is a graduate tax attorney, has more than 40 years of professional experience in public and private corporate finance transactions, municipal finance, governmental budgeting, and related fields.

Treasurer Lillard was raised in Tennessee. He is married to Patricia Newton and has three children, Scott Lillard, Brooke Lillard, and a stepdaughter, Rachel Newton. He is a lifelong Methodist.