The Tennessee Consolidated Retirement System, Nashville, will raise its employer contribution rate for the fiscal year beginning July 1, said Ed Hennessee, director of the $24 billion plan. The rate for state employees will be 10.5%, from 7.3%, and 5.5% for state teachers, from 3.4%, Mr. Hennessee said. Actuary Bryan, Pendleton, Swats & McAllister recommended the increase. The plan returned 4.9% for the year ended June 30, 2003; it had an expected rate of return of 7.5%, he said. The plan is 99.8% funded. Plan officials have not "earmarked" the extra contribution for any particular portfolios, Mr. Hennessee said.
Tennessee to hike employer contribution rates
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