NASHVILLE, Tenn. (WZTV) — A new report reveals that Tennessee’s highest-paid state employees work not in the governor’s office or state agencies, but inside a little-known division tasked with managing the state’s retirement system.
According to data obtained by FOX 17 News and government watchdog group OpenTheBooks, the Tennessee Department of the Treasury’s Consolidated Retirement Systems Division, which employs just over 70 people, includes 24 staffers earning more than $200,000 annually — nearly 30% of its workforce.
The office manages billions of dollars in state retirement funds — a mix of taxpayer money and employee contributions set aside for public-sector pensions.
Leading the payroll is Chief Investment Officer Michael Brakebill, who earned $723,000 in 2024, making him the highest-paid state employee in Tennessee. The Director of Real Estate, who oversees property investments within the fund’s portfolio, followed at $447,000.
By comparison, Gov. Bill Lee’s salary is $224,000, a figure that more than two dozen employees in the retirement division exceeded last year.
The department defends the salaries as necessary to attract experienced investment professionals who manage high-stakes assets intended to provide long-term financial stability for state workers.
Still, the numbers are raising eyebrows among transparency advocates.
“This is public money, and the public deserves to know where it’s going,” said OpenTheBooks founder Adam Andrzejewski. “Taxpayers don’t expect bureaucrats to be making Wall Street salaries.”
The average salary in the retirement division stands at $167,000, well above the statewide average for state employees.
Officials say the fund’s strong performance justifies the compensation, but critics argue that public agencies should be held to different standards.
The data is part of a broader OpenTheBooks initiative to analyze and publish salary information for state and local governments across the country.
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