Pension plan board size and elected members
The size of a given public pension plan board can vary widely by plan and by state, as can the number of board members elected to their positions. The $52.3 billion Tennessee Consolidated Retirement System, Nashville, has the largest board with 19 members, followed by the $20.9 billion Louisiana Teachers' Retirement System, Baton Rouge, and the $12.2 billion South Dakota Retirement System, Pierre, both with 16 members.
Only four board members of the Tennessee Consolidated plan were elected to their positions, but 10 of the 19 are plan members and therefore are stakeholders. The South Dakota Retirement System was the most democratic among the plans observed by NASRA with 13 of 16 board members elected. In contrast, the South Carolina Retirement System has a five-member board, all members are listed as ex officio, or were appointed to that role because of another position they hold in the state's government.
A pension plan's board is created to provide oversight to the investment staff and can be expected to be unique to each state's laws and the plan's needs.