Retirement can be both a scary and exciting experience.  TCRS is here to help you transition into retirement without the worry.  After working the majority of their adult lives, most people ask, “I’m ready to retire; where do I begin?”  The best place to begin your retirement journey is by looking at our version of the retirement handbook—Retirement…A New Beginning.

The ideal first step in the retirement process is to have a retirement estimate calculated.  General estimates are printed on your annual statement.  However, if you would like a more detailed estimate you can request one from our office or mail in the request form.  We also have retirement counselors in Nashville who are available for in-office counseling or counseling by phone.  Our counselors can cover key dates with you, explain the benefit payment plans, tax information, and insurance rates and help guide you to the right decisions. To set up an appointment, ask questions, or to request an estimate, you can reach our Counseling division by calling (615) 741-1971.

One of the major decisions in retirement is selecting the right payment plan for you.  For detailed descriptions of each payment plan available at retirement, please see Selecting an Optional Payment Plan.

Once you have chosen a date and have a payment plan in mind, we suggest you file your paperwork approximately 60-90 days in advance.  This will ensure our office has adequate time to calculate your benefit and get any additional information we may need.  For further details and timelines, please see the checklist located on the above tabs.

Time your retirement to fit your goals. Following are some items to consider.

• Obtain an estimate of your TCRS benefits. Call 615-741-1971, or write to TCRS.
• Obtain an estimate of your social security benefits, if applicable, by calling 1-800-772-1213.
• Do a post-retirement budget to determine if your standard of living can be maintained. You also need to determine the income that your beneficiary would have should you predecease your beneficiary. Will the beneficiary be able to maintain his or her standard of living?
• If your 65th birthday will be attained in the year of your TCRS retirement, notify the Social Security Administration of your intent to retire. Find out what you will need to do so that your Medicare coverage will start at the right time.

• Obtain the necessary forms from your employer or from TCRS.
• Retirement Application
• Insurance Application (if you and/or any dependents are under 65)
• Notify your employer of your intention to retire. Your personnel office will assist you with the retirement process.
• NOTE: If you will be over 65 when you retire, an application for the Medicare supplement will be mailed to you from POMCO after your retirement benefit is processed.
• File the TCRS retirement application and related forms 60-90 days prior to your last paid day of service.
• If you meet TCRS retirement eligibility requirements at the time you terminate employment, file for your benefits within 150 days after your last paid day of service to avoid loss of benefits.
• Decide which benefit payment option is to be selected. Review “Selecting a Payment Plan at Retirement.”
• If accrued annual leave (vacation time) is to be paid, you may have a choice of whether to extend it on the payroll or take a lump-sum payment. A lump-sum payment of your annual leave and/or compensatory leave may enable you to begin your TCRS and social security benefits sooner than you could if you stayed on the payroll; however, lump-sum payments are not included in your average final compensation for TCRS benefit calculation purposes. Some agencies do not permit retiring employees to choose.
• If you will be Medicare eligible at retirement (usually age 65), you should apply for Part B of Medicare when the employer sponsored insurance coverage ends. Only Part A of Medicare is automatic. Notify the Social Security Administration when you turn age 65.
• If you are enrolled in a medical expense reimbursement account through a Flexible Benefits Program, consider how your retirement date will affect this account. Your out-of-pocket medical expenses incurred prior to the date of retirement may be eligible for flexible benefits reimbursement up to the amount you signed up to contribute for the year, even if you do not complete these contributions due to your retirement. For state employees, call 615-741-3131 to discuss your account.
• Apply for your social security benefits when you become eligible. To do so, you must file a separate application with the Social Security Administration. Call 1-800-772-1213 for information.

• Make sure any employment after retirement will not impact your TCRS benefit. If you are considering part-time employment or return to service with an agency or department that is covered by TCRS, contact our office to determine how such employment may affect your TCRS benefit.
• If you plan to work after retirement, stay informed about the Social Security earnings limits and the benefit offset that occurs in your Social Security benefit after exceeding those limits.
• Notify TCRS in writing of any address change. Important correspondence, such as the 1099-R form to be filed with your income tax and Cost-of-Living Adjustment information, will be mailed to your home address.
• If you did not sign up for the direct deposit program when you filed your application for retirement, you may change to this program after retirement. By using direct deposit, you will have access to your money one to three days earlier each month than those whose checks are mailed directly to their home. You will also have the security and peace of mind of knowing that your check is automatically deposited into your account each month. To obtain a direct deposit application, contact TCRS at 1-800-770-8277 or (615) 741-4913, or print it from http://www.tn.gov/treasury/tcrs/new Pages/PDFs/tr0265.pdf