Retirement
Retirement Plans
Retirement plan contributions are paid by the University and participation is mandatory.
Regular non-exempt employees participate in the Tennessee Consolidated Retirement System.
Regular full-time faculty and exempt staff participate in either the Tennessee Consolidated Retirement System (TCRS) or the Optional Retirement Program (ORP). View a comparison of plans.
TN Consolidated Retirement System (TCRS)
The Tennessee Consolidated Retirement System is the retirement plan that covers
employees of the State of Tennessee, public colleges and universities, and
public elementary and secondary schools. The member makes no contributions to
the plan. TCRS retirement benefits are computed under a formula which uses the
average of the member's highest five consecutive years of salary (while a member
of TCRS) and the years of service credited in TCRS. Employees participating in
TCRS are vested after 5 years of service.
Forms
- Form to participate in TCRS or ORP
- Form for TCRS Membership (list one beneficiary only)
Optional Retirement
Program (ORP)
All contributions made to the Optional Retirement
Program are 100% vested from the date of contribution. The member makes no
contributions to the plan. ORP retirement benefits are based on the member's
account balance and the member's age at the time benefits begin. You may choose
from one or more of the three investment companies:
- Valic Retirement (local representative Ken Spann @ 423-238-7618)
- ING Aetna (representative Ed Stewart @ 615-627-5936 or James Henry @ 615-627-5940)
- TIAA-CREF (representative Andrew Hall @ 866-842-2336 ext 6405)
Forms
- Form to participate in TCRS or ORP
- ORP Distribution Form
- ING Enrollment Form
- TIAA-CREF Enrollment Form
- Valic Enrollment Form
ORP (Optional
Retirement Program) Transition (3/30/10)
In July 2010, there
were significant changes in the Tennessee Optional Retirement Program (ORP)
administered by the State of Tennessee Treasury Department. Due to the nature
of some of the changes, your action will be needed. ORP participants will
receive detailed information sent to their home address. Read
MORE...
Health Insurance during Retirement
If you qualify under the State of Tennessee’s Insurance Committee rules, you may continue insurance coverage for yourself and your dependents into retirement. Eligible retirees must have at least ten years of employment to continue insurance coverage and age restriction may apply. Accumulated unused sick leave may be counted. Total retirement creditable service determines the premiums paid for coverage. Once you become Medicare eligible, and you are retired, your primary insurance will be Medicare Part A (Hospital), Part B (Medical) and Part D (Prescriptions), and you may not continue the State’s basic group health insurance. At that point, the State offers Medigap, a Medicare supplement insurance, which may pay many of the expenses that Medicare will not pay.
- 2012 Retiree Insurance Monthly Premium (below age 65)
- 2012 Medicare Supplement Monthly Premium (age 65 and over)
What happens to my benefits when employment with UT ends?
Generally, your participation in UT-sponsored benefit plans stops when your UT employment ends. You may, however, be able to continue some benefits for a limited time. Read MORE...
