Tucson Supplemental Retirement System

Tucson Supplemental Retirement System

The Tucson Supplemental Retirement System (TSRS) provides retirement benefits for eligible civilian employees of the City of Tucson. The system is overseen by a Board of Trustees that includes senior city finance and human resources officials, embedding the pension's governance within the municipal administration itself. Mark Rubin chairs the board, with Angele Ozoemelam serving as secretary alongside her role as the city's Finance Director. Former Pension and Treasury Administrator Art Cuaron has moved into a similar role for Pima County. The fund maintains an uncomplicated allocation anchored in institutional real estate. Known commitments include stakes in the J.P. Morgan Strategic Property Fund, a core-plus vehicle targeting diversified U.S. mixed-use assets, and the J.P. Morgan Income & Growth Fund, which focuses on commercial properties. A third domestic position is held in the Principal U.S. Property Fund, also a mixed-use strategy. This trio of fund investments suggests a preference for commingled core real estate rather than separate accounts or direct property ownership. Beyond U.S. property, the system has historically diversified into global infrastructure. Confirmed commitments include the IFM International Infrastructure Fund, which holds a globally diversified pool of mature, regulated assets, and Macquarie European Infrastructure Fund III, a vintage vehicle targeting mid-market infrastructure in Europe. The Board includes Teri Traaen, the city's Human Resources Director, who provides line-of-sight into the workforce the plan ultimately serves. No recent new commitments or fund liquidation events have been publicly reported. The plan's structure stands out for its embedded governance design. Rather than an independent investment board, most trustees are sitting City of Tucson department heads. This creates an unusually tight feedback loop between plan administration and the city's payroll obligations, but it also concentrates investment due diligence within a small group of generalist municipal executives. The fund participates in the Council of Institutional Investors and the National Conference on Public Employee Retirement Systems, which serve as its primary windows into broader institutional governance practices.