# City of Memphis Retirement System

City of Memphis Retirement System is a Pension Fund based in Memphis, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Memphis, United States
- **Region:** North America
- **Address:** Memphis, TN, United States
- **Founded:** 1819
- **Assets under management:** Undisclosed
- **Website:** totalrewards.memphistn.gov
- **LinkedIn:** https://www.linkedin.com/company/city-of-memphis

## Regulatory record

- **Reports private funds:** No

## About

The City of Memphis Retirement System operates as the defined-benefit pension plan for municipal employees of Memphis, Tennessee. Governed by a board of administration whose members are appointed by the mayor, the system provides retirement, disability, and survivor benefits to eligible city workers and their beneficiaries. Mayor Paul A. Young holds appointment authority over the Pension Board, while CFO Walter Person serves as the key financial executive interfacing with the system's operations. Investment deployment flows entirely through external fund commitments rather than direct asset management. The real estate portfolio reveals a pronounced bias toward commercial property funds, with commitments spread across institutional managers including BlackRock's US Core Property Fund, TA Realty vehicles, RREEF REIT II, and multiple Long Wharf Real Estate Partners funds. The system also holds positions in residential-focused strategies through Green Cities funds III and IV, alongside a passive REIT allocation via Vanguard's REIT Index Fund. The geographic concentration sits entirely within the United States, with no evidence of international real asset exposure or direct property ownership. The pension board maintains an eight-member structure overseeing all investment decisions, with named trustees including Mairi Albertson, James Jalenak, Daniel Reid, and Buckner Wellford. The system's retiree base is represented externally by the Association of City Retired Employees, a professional advocacy network that engages with the board on benefit matters. No separate investment staff, CIO role, or internal management function has been publicly documented — all portfolio construction and manager selection authority rests with the board's fiduciary process. The system's structural differentiator lies in its governance architecture: investment decisions are made by politically accountable board members rather than a dedicated internal investment office, creating an unusually direct line between municipal leadership, appointed fiduciaries, and pension outcomes. This contrasts with larger state-level pension systems that operate investment divisions with dozens of professionals, concentrated manager relationships, and co-investment programs.

## Sectors

- Real Estate

## People

- Paul A. Young — Mayor of Memphis
- Walter Person — Chief Financial Officer, City of Memphis
- Mairi C. Albertson — Board Member
- Cliff Henderson — Board Member
- James Jalenak — Board Member
- Daniel T. Reid — Board Member
- Katie Shotts — Board Member
- Buckner Wellford — Board Member

## Questions

### Who sits on the investment board of the City of Memphis Retirement System?

The Pension Board of Administration includes Mairi Albertson, Cliff Henderson, James Jalenak, Daniel Reid, Katie Shotts, and Buckner Wellford. Members are appointed by the Mayor of Memphis, currently Paul A. Young. The board holds fiduciary authority over all investment decisions, with the City CFO Walter Person serving as the primary financial liaison.

### What is the real estate portfolio composition of the system?

The real estate allocation is concentrated in US-focused commercial and residential fund vehicles. Documented positions include the BlackRock US Core Property Fund, multiple TA Realty funds, RREEF REIT II, several Long Wharf Real Estate Partners vintages, Green Cities residential funds, and a passive Vanguard REIT Index allocation. The portfolio skews toward core and value-add commercial strategies.

## Related profiles

- [City of Melbourne Police Officers' Retirement System](https://altss.com/profile/city-of-melbourne-police-officers-retirement-system)
- [City of Milford Pension & Retirement Fund](https://altss.com/profile/city-of-milford-pension-retirement-fund)

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Last updated: 2026-06-03T20:00:00.000Z

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