Jul 30, 2021  
Policies 
    
Policies

Human Resources


Retirement Program
06:90:00 Retirement Program

 

  1. All regular full-time employees are members of the state-supported retirement system. Regular part-time employees are also eligible to become members of the retirement system but such membership is not mandatory. There are two types of retirement systems, the Tennessee Consolidated Retirement System (TCRS) and the Optional Retirement System (ORP). Since the systems are funded by "employer" contributions, this is a direct employee benefit. Employee designation determines the program in which the employee may participate.
  2. All full-time clerical/support employees must enroll in the TCRS. The employee must have five years of creditable service before he/she is eligible, upon retiring, to draw benefits (be vested) from this system. Employees enrolled in TCRS are eligible to retire upon attainment of age sixty or upon completion of thirty years of creditable service. Full-time faculty and professional staff and regular part-time professional staff have the option of choosing enrollment in TCRS or ORP. There is immediate vesting for eligible employees selecting the ORP.
  3. Employees choosing the ORP may select from one of the following three providers: ING, TIAA-CREF (Teachers Insurance and Annuity Association/College Retirement and Equities Fund), or VALIC (Variable Annuity Life Insurance Company). An employee who is eligible to participate in the ORP but who elected to participate in the TCRS may transfer prospective membership from TCRS to the ORP as of July 1st of any year. However, employees may not transfer membership from the ORP to the TCRS.
  4. It is the responsibility of each employee to carefully consider their retirement options.

 

For detailed information regarding on the retirement systems, see TBR Policy No. 5:01:03:00 and TBR Policy No. 5:01:03:03.

Approved: Executive Staff, 05/20/09
Approved: President's Cabinet, 05/20/09
Approved: President, 05/20/09
Reviewed and Revised by: Human Resources, November 2008