Tennessee Consolidated Retirement System, Nashville, posted a 9.3% return on its investment portfolio for the fiscal year ended June 30, according to the system's annual report. The return exceeded the actuarial assumption of 7.5% and marked the first time in four years that earnings topped the assumed rate of return. The system had total assets of about $25.7 billion as of June 30, up roughly $1 billion from a year earlier, according to the report. Ed Hennessee, director. said the plan currently has about $27 billion in total assets.
International equities, which made up 11.1% of the system's assets as of June 30, returned 35%, the best return of any asset class for the plan. Mr. Hennessee said the plan's board recently approved an increase to the target international equity allocation to 15% from 10%. Funding will come from rebalancing, and no terminations are expected, he said.
