Retirement

  • State Retirement Plans

    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.

    Tennesee Consolidated Retirement System (TCRS)

    The Hybrid Plan, also know as the Tennessee Consolidated Retirement System (TCRS), is a combination of a defined benefit plan and a defined contribution plan. Both employee and employee contribute to the plan. There is a five-year vesting period for the amount contributed by the employer. Non-exempt employees are required to use this Plan.

    Tennessee Consolidated Retirement System

    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.

    Both plans have 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.

    VALIC ORP PLAN

  • 401k Plan - Traditional & Roth

    Tennessee Tech offers additional optional state retirement plans. The 401k Plan is effective the 1st of the month 30 days from application receipt.  Tennessee Tech will match up to $50 per month for either the Traditional or the Roth.

    401k Plan

  • 457 Plan

    Tennessee Tech offers additional optional state retirement plans. The 457 Plan is effective the 1st of the month 30 days from application receipt.  There is no match for the 457 Plan.

    457 Plan

  • 403(b) Plan

    Tennessee Tech also offers 403(b) Plans through TIAA-CREF, ING, and VALIC.  Please contact your HR Generalist for more information.

  • Retiring from Tech

    Retirement can be both a scary and exciting experience. The Office for Human Resources is here to help you transition into retirement without the worry.  After working the majority of our lives, most people ask, “I’m ready to retire; where do I begin?” The best place to begin your retirement journey is by contacting your HR Generalist and scheduling 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

  • Retiree Benefits

    Eligible employees, who meet the qualifications, may continue insurance coverage at retirement for themselves and their covered eligible dependents. Visit the Partners for Health-Continuing Insurance at Retirement website for more information.

     

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