Tennessee Code Title 49. Education § 49-7-1403

The state treasurer shall be responsible for the day-to-day administration of the investment pool and for establishing policies and procedures to manage the operations and responsibilities of the investment pool, including, but not limited to, establishing criteria for participation in the investment pool, establishing accounts and different shares within the investment pool, transitioning participant assets into the investment pool, and establishing an investment policy for the investment pool. Either the state treasurer or participant shall have the authority to transfer and liquidate the assets that a participant wishes to invest in the investment pool. A participant may only invest its assets that are unencumbered or unrestricted in sale, transfer, or investment.