- Welcome
- What Should I Consider?
- How Do I?
Employees of the State of Tennessee are eligible to participate in two optional, tax-deferred retirement savings plans operated by the state: a 457 plan and a 401(k) plan. Compare the two plans here. If you choose to participate in either or both of these plans, you make contributions through regular payroll deductions. Both of these plans are geared for retirement, so contributions cannot be withdrawn before separation from service with a very few limited exceptions. Both plans are participant directed, so you choose how much to defer and how to direct your contributions among a variety of investment options. See more program details in the Participant Guide.
The Deferred Compensation program is part of the Tennessee Treasury Department. The Treasurer’s Office administers this supplemental retirement savings program along with a chosen record-keeper, who is currently Great West. Great West’s local representatives are here to assist you with many aspects of the program such as enrollments, rollovers, quarterly statements, naming beneficiaries, etc. Great West representatives also conduct participant educational meetings across the state. We highly encourage you to talk with your Human Resources Department or Office Manager and request a meeting of interest at your office. See the Upcoming Events to view meetings already scheduled.
ANNOUNCEMENTS
Contribution Limits - Check to see if you are making the maximum contributions to your retirement HERE.
Online Statements - To access your online statement or Online File Cabinet, please use the
Great West Access > Account Access link at the top of the page to log into your Great West account.
Fund Changes - Periodically, the investment lineup in your State of Tennessee 401(k) and 457 Deferred Compensation Program undergoes changes. On June 5, 2012, several important fund changes to your Program will occur. These changes are made so you may continue to select from a diverse and competitive array of quality investment options. Read the fund change letter, which was also mailed to your residence, for more information.
Watch List - The Watch list is available from this link: http://treasury.tn.gov/dc/watchlist.html and is listed under Investing at the top navigation menu of this screen. Participants may wish to review their investment selections and asset allocation.
- Register for On-Line Account Access
- Project amount to save for my retirement goals?
- Change my deferral amount?
- Change my investment allocations?
- Set up a meeting with a Great West Rep.?
- Rollover from another plan?
How do I register for On-Line account access?
If you have not yet used the Great-West Account Access feature, it is very easy to get started. Just click on Great-West Links Account Access. If you don't have the four digit PIN that Great-West mailed to you, just click on the Request PIN option. Great-West will mail you a PIN (Personal Identification Number) in just a few days. Once you receive it, that and your Social Security Number are all you need to use this secure system. You can view your daily account values, compare your current values to any previous day's values, make transfers, change your future investment direction, look at your beneficiary designation, and review your deposits. Most participants who try it once use it again and again!
How do I project what I should be saving to reach my retirement goal?
There are many calculators available on various websites to project how much the amount you are saving now will be worth at retirement and what you should save to reach your particular retirement goal.
Bloomberg 401(k) calculator
ING retirement projection calculator
Retirement Savings Calculator
Target Retirement Funds
Also consider the advantage of contributing pre-tax dollars on your take home pay:
Paycheck Comparison Calculator
Take Home Pay Calculator
How do I change my deferral amount?
State employees may change your normal deferral amounts coming out of each pay check and defer part or all of any bonus or longevity check using Edison ESS. While logged into Edison, choose Employee Self-Service > Benefits folder > Deferred Compensation Enrollment. Enter your newly desired flat dollar amount or percentage and click submit.
Please be aware that changes will be effective no sooner than 30 days from entry and will not show in Edison immediately; the changes will be reflected during the pay period for which they are effective. For example: An employee paid semi-monthly changes his deferral amount on 11/3/08. The change will not be effective for 30 days - 12/3/08 or the pay period 12/1-12/15/08. Edison will then reflect the updated deferral amount beginning 12/1/08.
Higher Education Faculty and Staff complete the appropriate 401(k) or 457 salary deferral form and forward it as directed by your institution.
UT Participants send Salary deferral forms to:
University Benefits and Retirement Office
600 Henley St Suite 115
Knoxville, TN 37996-4115
Information for Tennessee Board of Regents Participants
How do I change my investment allocations?
Future investment allocations can be changed on the Great West website. Go to www.gwrs.com, enter your username and pin# (if you do not have these see "How do I register for online account access?" above). Once logged in, click the "Redirect Future Contributions" link on the left and follow the instructions.
Balances in your account may be moved among the different investment options on line or through use of the appropriate Investment Option Change Request form.
How do I set up a meeting with a Great West Rep.?
Representatives from Great West are available to conduct various presentations and meetings with your department. Talk to your HR Officer to request a group meeting and he or she will then contact Great West to set up a specific time and place. The current meeting schedule is available on the Upcoming Events button on the home page.
Individuals may also schedule additional time with the Representative after a group meeting. Once your group meeting is scheduled call 1-800-922-7772 option 2 to request an individual meeting time.
How do I rollover from another plan?
If you are unsure if you are able to rollover funds from a previous plan to your current State of Tennessee plan, please contact Great West at 1-800-922-7772 option 2.
Complete the applicable incoming rollover form, print, sign, and mail to the address on the form:
401(k) Incoming Rollover
457 Incoming Rollover
You will also need to contact your previous plan administrator and inquire about rolling the funds out of that plan.