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Retirement Plans

Saving

One of the most valuable benefits of employment with Tennessee State University is participation in the State’s retirement system. All regular, full-time employees are required to participate in a retirement plan. Participation entails a mandatory 5% contribution by the employee. Regular employees are automatically enrolled to contribute an additional 2% into a defined contribution plan, 401(k). While the mandatory 5% is a condition of employment, employees have an opportunity to ‘opt-out’ of the additional 2% contribution. In addition to the employee contribution, Tennessee State University will contribute 3.87% to TCRS (exempt and non-exempt employees) or 9% to the ORP (exempt only) of the annual salary.

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Tennessee Consolidated Retirement System (TCRS) Hybrid Plan

The TCRS plan has two components, a defined benefit plan and a defined contribution plan, and accordingly is referred to as the Hybrid Plan. Please see below for IRS definitions:

Defined Benefit Plan - Also known as a traditional pension plan, this plan promises the participant a specified monthly benefit at retirement. The benefit is based on factors such as the participant’s salary, age and the number of years of service with the employer. The benefit is commonly calculated through a plan formula that considers such factors as salary and service.

Defined Contribution Plan - Contributions are made to the employee’s individual 401(k) account. The amount in the account at distribution includes the contributions and investment gains or losses, less any investment and administrative fees. The contributions and earnings are not taxed until distribution. The value of the account will change based on contributions and the value and performance of the investments.

Welcome Packet:

Employees electing to participate in the TCRS Hybrid Plan will receive an Active Member Welcome Packet. This packet is mailed to the home address and will contain instructions on accessing Member Self-Service (MSS) and electing a beneficiary.

Click here for your TCRS Membership Form
(All Non-Exempt Employees and Exempt Employees choosing the TCRS)

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Optional Retirement Plan (ORP)

The ORP is a "defined contribution" plan. The features of the plan are:

A participant directed investment program.
The amount of any future benefit will be determined by the member's account balance.
Employer contributions are credited to each ORP member's account during service.
The employer contributes 9% of gross salary covered by Social Security.

The ORP retirement benefit is accomplished through the use of annuity contracts. Employees electing the ORP option may choose one, two or all three of the following three annuity providers:

ING
TIAA-CREF
AIG-VALIC

Employees will be required to enter beneficiary information online once the account is set-up with the chosen vendor.

Click here for your Notice of Election form
(Exempt Employees Only)

Representatives are available to assist in completing the enrollment as well as to advise regarding investment options.

TIAA-CREF	AIG-VALIC	ING
Rich Levine	Rene Ward	Ed Stewart
866-842-2336	615-403-8299	615-627-5936
ext. 252907	800-448-2542	866-776-6704
rlevine@tiaa-cref.org	Rene.Ward@valic.com	ed.stewart@ingfp.com

Please submit completed forms (or a copy if you completed your application online or with a representative) to Human Resources once completed. Enrollment forms must be received in Human Resources within 30 days of employment.

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Supplemental Retirement Plans

Piggy Bank 403(b) plans are tax-sheltered annuity plans that afford the employee the opportunity to defer receiving a portion of his/her salary before taxes. TIAA-CREF, AIG-VALIC and ING are the companies approved for payroll deduction of tax-sheltered annuities. Enrollment should be completed by contacting the same vendors listed above for the ORP and by completing an Authorization for Payroll Deduction form.

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