Tennessee Department of Treasury

What Tennessee Department of Treasury does

The Tennessee Department of Treasury is a constitutional state government office headquartered in Nashville, Tennessee, responsible for managing the financial operations of Tennessee state government and overseeing more than $103.9 billion in assets across multiple programs. Its core offerings include the Tennessee Consolidated Retirement System (TCRS, valued at $69.4 billion as of June 2024), the TNStars 529 College Savings Program, ABLE TN savings accounts for individuals with disabilities, the Unclaimed Property Division (holding over $990 million available for claim), the Local Government Investment Pool (LGIP), the State Pooled Investment Fund (SPIF), the Bank Collateral Pool, the Criminal Injuries Compensation Program (which has paid over $350 million since 1982), and the Tennessee Financial Literacy Commission (TNFLC). The department also administers Claims and Risk Management services, including workers' compensation, tort liability, and property insurance, for 41 state government agencies and 49 higher education institutions.

Treasury delivers services through web-based portals including treasury.tn.gov, ClaimItTN.gov, the RetireReadyTN retirement dashboard (powered by Empower Retirement), and TNStars.com, supplemented by statewide outreach events, K-12 financial education programs, and direct engagement with public employees, teachers, and local government officials across all 95 Tennessee counties. The investment team includes 18 Certified Public Accountants and 19 Chartered Financial Analysts, and produced a 10.2% TCRS investment return in FY25, significantly outperforming the 6.75% assumed rate of return.

Treasury generates approximately 90% of its operating budget through its own operations rather than state appropriations. Revenue mechanics include administrative fees on investment programs (currently 3 basis points / 0.03% on LGIP participant earnings, reduced from prior rates in June 2021), fees from risk management and claims services, and earnings generated through SPIF (which delivered nearly $300 million to state and local governments in FY25). Customer-facing services for citizens, including unclaimed property claims, TNStars 529 accounts (openable with $25 minimum), and TIPS matching grants, are largely free at the point of use, with Tennessee ranked among the top 4 strongest pension systems in the U.S. and carrying a AAA credit rating.

Name

Tennessee Department of Treasury

Legal name

Tennessee Department of Treasury

Website

https://treasury.tn.gov

Company type

Private

Founded year

1792

Operating status

Operating

Short description

The Tennessee Department of Treasury is a constitutional state agency headquartered in Nashville that manages over $103.9 billion in assets and administers retirement (TCRS), college savings (TNStars 529), disability savings (ABLE TN), unclaimed property, investment pools for local governments, risk management, and financial literacy programs for Tennessee citizens, public employees, teachers, and government entities.

Ownership category

akta.pro rank

Product category

State Treasury and Public Financial Administration

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Pension Funds (525110), Insurance and Employee Benefit Funds (5251)

SIC

Finance Services (6199), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

State/Provincial Treasury, Budget & Fiscal Management (BPAIABAC)

akta.pro secondary industries

Government Investment Pools & Treasury Funds (FSAAAGAE), Treasury & Cash Management (BPAIAEAB), Treasury & Risk Management Solutions (FX/MM, hedging, TMS integration) (FSABAIAE), Treasury, Cash & Liquidity Management (Custody Cash) (FSAAAOAL)

Keywords

• Government treasury services
• Public pension management
• Unclaimed property recovery
• College savings program
• Investment pool management

Headquarters

HQ city

Nashville

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Revenue model

1. Administrative Fee Revenue: The department assesses administrative fees on investment programs including the LGIP and SPIF. Currently, the administrative fee is three basis points (0.03%) for LGIP participants, reduced from higher rates starting June 2021. Fees are designed to recover costs only and are not profit-generating.
2. State Budget Appropriation: Treasury generates approximately 90% of its budget revenue through its own operations, with the remainder coming from state appropriations. This includes fees from various programs and services.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels8 records

Core offering

The Tennessee Department of Treasury is a state constitutional office that manages over $103.9 billion in assets across multiple programs. It administers the Tennessee Consolidated Retirement System (TCRS), operates the TNStars 529 College Savings Program, ABLE TN disability savings program, unclaimed property recovery, investment pools (LGIP, SPIF, ITIF) for local governments, risk management and claims services for state agencies and higher education institutions, and the Criminal Injuries Compensation Program. It also delivers financial literacy education through the Tennessee Financial Literacy Commission.

Product overview

The Tennessee Department of Treasury is a government agency providing a comprehensive portfolio of financial services organized into distinct programs. The core offerings include retirement management through RetireReadyTN and TCRS (valued at $69.4 billion), college savings via TNStars 529 Program, disability savings through ABLE TN, unclaimed property recovery (with over $990 million available), criminal injuries compensation, and risk management services. The department also manages investment pools for local governments (LGIP, ITIF, Bank Collateral Pool) and supports financial literacy education through the TNFLC and its programs like Vault and Money Week. Services target distinct segments: public employees, teachers, local governments, individuals with disabilities, crime victims, and all Tennessee citizens.

Differentiator

Problem solved

Functional benefit

Brands

• TNStars: Tennessee's 529 College Savings Program administered by the Treasury Department.
• ABLE TN
• RetireReadyTN
• TIPS
• The Vault
• Volunteer Public Education Trust

Products and services

• RetireReadyTN Tennessee Consolidated Retirement System retirement planning portal providing personalized views of estimated monthly retirement income, retirement readiness tracking, and self-service tools for public employees, teachers, higher education employees, and local government employees.
• TNStars College Savings 529 Program A tax-advantaged 529 college savings program allowing Tennessee families to save and invest for higher education expenses. Families can open accounts with as little as $25.
• ABLE TN Achieving a Better Life Experience savings program for Tennesseans with disabilities, allowing them to save and invest for qualified disability expenses while maintaining access to essential benefits.
• Unclaimed Property Program Division that reunites Tennessee citizens with unclaimed cash and property. Over $990 million in unclaimed property available for claiming, with record $125 million returned in FY25.
• Criminal Injuries Compensation Program A fund of last resort providing financial assistance to innocent victims of violent crime, covering medical bills, lost wages, and loss of support. Has paid over $350 million since 1982.
• Claims and Risk Management Division administering workers' compensation, tort liability, risk management, and property insurance programs for 41 state government agencies and 49 institutions of higher learning.
• Local Government Investment Pool (LGIP) Investment pool for local government officials providing safety, liquidity, and competitive returns. Commingled with the State Pooled Investment Fund (SPIF) for cost-effective management. GASB 79 compliant.
• Intermediate Term Investment Fund (ITIF) A longer-term investment option for LGIP participants. Provides daily NAV reporting and allows government entities to invest money held in custody.
• Bank Collateral Pool Pool allowing banks and local governments to participate in a risk-sharing collateral system designed to provide greater efficiency and lower risk when collateralizing public funds.
• Tennessee Financial Literacy Commission (TNFLC) Tax-exempt 501(c)(3) nonprofit offering financial literacy programs including Vault - Understanding Money for students, Financial Fitness for Life curriculum, and Financial Empowerment Resource Library for adults.
• Tennessee Consolidated Retirement System (TCRS) State retirement system managing pensions and benefits for state employees, teachers, local government employees, and higher education employees. Reported $69.4 billion in portfolio value as of June 2024.
• State of Tennessee LOSAP Length of Service Award Program for Volunteer Firefighters, administered by Treasury to help recruit, retain, and reward volunteers performing firefighting and emergency services.
• TIPS Program (Tennessee Investments Preparing Scholars) 4-to-1 matching grant program encouraging eligible families to save for postsecondary education through TNStars accounts. Up to $500/year with lifetime maximum of $1,500 per child.

Quantifiable outcome

• TCRS achieved 10.2% investment return for FY25, significantly outperforming the 6.75% assumed rate of return
• +4 more outcomes

Named customers6 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• University of Tennessee ExtensioncoreStrategic or Co-development Partner · 11 May 2022Partnership to deliver Money Week financial education program to elementary school students. TNFLC and UT Extension collaborate with local schools to implement the program, which is designed for first- and second-grade students and their caregivers. TNFLC helps fund implementation in 11 counties across Tennessee.
• Tennessee State MuseumminorStrategic or Co-development Partner · 11 May 2022Collaboration on the Traveling Trunk program that integrates financial literacy and state history while meeting academic standards for Social Studies.
• National Association of State Treasurers (NAST)minorOthersTreasurer Lillard served as President of NAST in 2015 and represents NAST on the Governmental Accounting Standards Advisory Council (GASAC).
• National Association of State Auditors, Comptrollers and Treasurers (NASACT)minorOthersTreasurer Lillard served as President of NASACT's National Executive Committee in 2016-2017 and received the 2012 NASACT President's Award recognizing outstanding service.

Scale indicators19 records

Recent moves7 records

Expansion highlights6 records

Others

• Empower Retirement: Powering Tennessee's RetireReadyTN retirement dashboard, Empower is a key technology/enablement partner. Comparable as a recordkeeper and platform provider for public-sector retirement plans across multiple states.

Direct peers

• CalSTRS (California State Teachers' Retirement System): State teacher retirement system analogous to the teacher segment of Tennessee's TCRS. Comparable in defined-benefit structure, investment management approach, and statutory governance.
• California State Treasurer's Office: California's constitutional state treasury office with a comparable mix of investment pool management, public employee retirement oversight, and unclaimed property programs. Directly comparable in function and scope at the largest-state level.
• CalPERS (California Public Employees' Retirement System): The largest U.S. public pension system; while much larger than TCRS, it operates a comparable state-level public employee retirement mandate with similar investment, governance, and actuarial frameworks.
• Florida State Board of Administration: Florida's investment organization managing FRS pension assets and local government investment pools. Directly comparable to Tennessee Treasury's combined pension management (TCRS) and local government pool (LGIP) functions.
• Virginia Retirement System: State-administered pension system for Virginia public employees and teachers. Comparable in scale, public-sector defined-benefit structure, and AAA-rated state credit profile to Tennessee TCRS.
• Texas Treasury Safekeeping Trust Company: Texas's state treasury investment vehicle managing commingled state funds and investment pools, with similar governance structure as a constitutionally authorized entity. Directly comparable in pool-based AUM management and government client base.
• Ohio Bureau of Workers' Compensation: Ohio's exclusive state-run workers' compensation insurer, comparable to Tennessee Treasury's Claims and Risk Management Division which administers workers' comp for 41 state agencies and 49 higher-ed institutions with documented 38%+ cost reductions.
• New York State Common Retirement Fund: Operated by the New York State Comptroller, this fund manages public pension assets for state and local employees — directly comparable to Tennessee's TCRS in managing defined-benefit pension assets on behalf of public-sector workers.

Broad incumbents

• State Street Global Advisors: Large-scale institutional asset manager and custodian serving many public pension and government investment pools. Comparable as an incumbent institutional investment manager for government investment programs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/TNTreasuryDept
• YouTubeyoutube.com/user/TNTreasury
• Facebookfacebook.com/TNTreasury
• LinkedInlinkedin.com/company/tn-treasury
• Instagraminstagram.com/tntreasury

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tennessee Department of Treasury