- Plan Features Description
The State of Tennessee Offers two optional retirement savings plans established to conform to the Internal revenue code 401(k) and 457 plans for government entities. The purpose of the 401(k) and 457 plans is to supplement the Tennessee Consolidated Retirement System, a 401(a) Defined Benefit Plan.
Retirement income is like a three legged stool. Sources of your retirement income are your defined benefit plan, social security benefits, and your personal savings. The two supplemental retirement savings plans permit an employee to build their personal savings using the tax advantaged features of the 401(k) and 457 plans.
The two deferred compensation program plans allow you to accumulate personal savings for retirement. The plans restrict access to your money until a specific age, separation from service and or retirement criteria are met. The accumulated invested balances become available at retirement. You direct the investment of your deposits from a menu of options. You should have an emergency fund set aside to meet unexpected emergencies.
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Comparison of Plan Features
After-Tax Roth Deferral Information