People and Policy

The TCDRS Board of Trustees is responsible for overseeing the investment of TCDRS assets. They receive assistance from the investment officer and staff, along with professional firms they have hired, in carrying out that responsibility


The board of trustees establishes the TCDRS Investment Policy, which provides a foundation for the investment of system assets. The investment policy establishes the investment objective of an 8% return over the long-term with an acceptable level of risk.

The policy also:

  • Provides an asset allocation plan that establishes risk/return parameters
  • Lists duties of people who are responsible for investment activity
  • Includes other requirements concerning standard of care, ethics, monitoring and reporting

The policy is updated by the board of trustees periodically to reflect changes in strategy and market.

Our board's investment decisions are subject to the “prudent investor” standard of care. More comprehensive than the “prudent person” standard, the prudent investor standard emphasizes that the board keep long-term goals in mind and consider the performance of the portfolio as a whole when making decisions.


TCDRS investments are managed by an experienced team with diverse skills and responsibilities. Our strong internal team is supported by industry-leading consultants and external managers. We all work together to make informed, responsible decisions about TCDRS investments.

Watch: Investment Oversight


Estimated portfolio and asset class returns as of Dec. 31, 2018

TCDRS’ estimated investment return for 2018 is between -2.75% and -3.25%, net of all fees. The estimated returns for individual asset classes (also net of all fees) are:       *Note: Our es...

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Employers maintain benefit levels for 2019

For 2019, most TCDRS employers maintained their current benefit levels. Of those employers that made plan changes, 53 adopted benefit increases and 2 decreased benefits. In addition, 51 employers adopted cost-of-living adjustme...

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Doing Retirement Right
2017 Economic Impact Study