The Tennessee General Assembly approved a one-time additional contribution of $250 million to the $55.9 billion Tennessee Consolidated Retirement System, Nashville.
The special appropriation is the largest single contribution made to the pension fund in its history, according to a news release Wednesday from David H. Lillard Jr., state treasurer, who oversees the pension fund.
"Tennessee's General Assembly has once again shown its commitment to fiscal responsibility and to Tennessee's public employees," said Mr. Lillard in the news release. "By making this contribution in 2021, the General Assembly will save each year in contributions to the retirement system."
The system consists of three traditional legacy defined benefit plans representing general employees, grade-school teachers and political subdivisions, and two hybrid retirement plans representing general employees and grade school teachers.
The five plans had funding ratios ranging from 91.7% to 123.1% as of June 30, 2019, according to the most recent actuarial valuation.
Shelli King, Mr. Lillard's spokeswoman, did not reply to requests for further information.