All regular, full-time employees participate in one of the State of Tennessee’s retirement plans. Faculty and administrative employees have two plan options to choose from. Be sure to review your options carefully so that you are comfortable with your choice.
Tennessee Consolidated Retirement System (TCRS)
The Hybrid Plan, also known as the Tennessee Consolidated Retirement System (TCRS), is a combination of a defined benefit plan and a defined contribution plan. Both employee and employer contribute to this plan. There is a five-year vesting period for the amount contributed by the employer. Non-exempt employees are required to use this plan.
Optional Retirement Plan (ORP)
The Optional Retirement Plan (ORP) is a defined contribution plan. The plan is managed by the employee under an agreement with TIAA-CREF, VALIC, and/or VOYA. The employee may participate in one, two, or all three and can transfer between companies. The vesting period is immediate for all contributions.
Each plan has a defined contribution component, which is funded by a 2% pre-tax, automatically deferred, contribution made by the employee. This 2% is managed by the employee under an agreement with Empower Retirement Services. The employee may elect to contribute more than 2%, up to the maximum IRS limit. If the employee elects not to defer the 2%, Empower must be notified within 30 calendar days by the prescribed method from the date of hire. In addition, the employer will match up to $50 per month into the defined contribution plan on behalf of the employee. The vesting period is immediate for all contributions into the defined contribution plan.
Additional Optional State Retirement Plans
Tennessee Tech offers additional optional state retirement plans.
The 401k Plan is effective the 1st of the month 30 days from application receipt. TTU will match up to $50 per month for either the Traditional or the Roth.
The 457 Plan is also effective the 1st of the month 30 days from application date but has no match from TTU.
The 403(b) Plan is also effective the 1st of the month 30 days from application date but has no match from TTU.
Retiring from Tech
Retirement can be both an exciting and scary experience. We, at Human Resources, are here to help you transition into your retirement without the worry. After working majority of their lives, most people say, “I’m ready to retire, where do I begin?” And the simple answer is: to contact your HR Generalist and schedule an appointment to discuss your benefits at least 4 months prior to your potential last working day. This meeting will be for informational purposes only to assist you in your decisions. Depending on which retirement plan you participate in and other factors, we will make your transition into retirement as smooth as possible.
Retirement Planning Calculators
- Social Security Payout Calculator
- VOYA Retirement Projection Calculator
- Retirement Savings Calculator