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HRD-77-28 1 (1976-12-29)

handle is hein.gao/gaobaaccl0001 and id is 1 raw text is: DOCUME NT2R ED ,/ 7?' 01748 - [A059085141 ( i : The Investment Decisionmaking Process in Twc Tennessee Public Employee Retirement Plans. HRD-77-28; B-164292. December 29, 1976. 51 pp. Report to Sen. Harrison A. Williams, Jr., Chairman, Senate Committee on Labor and Public Welfare; Sen. Jacobs K. Javits; by Elmer B. Staats, Comptroller General. Issue Area: Income Security Programs: Program Monitor-ing and Ad-ministration (1303). Contact: Human Resources Div. Budget Function: Income Security: General Retirement and Disability Insurance (601). Cc jressional Relevance: Seuate Committee on Latcr and Public Welfare. Sen. Jacob K. Javits. Authority: Employee Retirement Income Security Act of 1974. Tennessee Public Acts of 1972, ch. 814. Case studies on the Tennessee Consolidated Retirement System (TCRS) and the Metropolitan Employee Benefit System (MEBS) of Nashville and Davidson County, Tennessee, give details of the framework for managing investments, investment experience, and detailed financial statements. Information cn the decisionmaking process was gathered from summary datta and interviews with cognizant officials. In 1972, seven separate pension plans were merged into the TCRS, which is operated by un independent board of trustees, managed by the State Treasurer, and invested by the State Treasury Department's Investment Section. Findings/Conclusions: For fiscal year 1976, the assets of the TCRS were about $823 million and the rate of return (including net gains and losses) was 7.26 percent. Established in 1963, the REBS, features an independent board of trustees and an investment committee which uses a local bank's trust department to manage investments. Fiscal year 1976 funds totaled about $28 million; return with gains and losses was 5.22 percent. (DJM)

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