Retire Ready Tennessee

For Higher Education Employees

As a public higher education employee in Tennessee, one of your most valuable benefits
is your comprehensive retirement plan.

RetireReadyTN: Combined strengths for higher education employees

RetireReadyTN is the state’s retirement program, combining the strengths of:

One of the nation's strongest defined benefit plans, provided by the Tennessee Consolidated Retirement System (TCRS)
Or, Higher Education staff exempt from the Fair Labor Standards Act can select a deferred compensation Optional Retirement Program (ORP)
A 401(k) plan through services provided by Empower Retirement
Retirement readiness education

As a higher education employee in Tennessee, you have unique retirement plan options available to you, including additional savings opportunities through a 457 defined contribution plan.

Your member contributions to the 401(k) qualify for a monthly match!

General State and Higher Education Employees will be eligible to receive a $1 match for every $1 contributed to the
State of Tennessee 401(k) plan each month, up to $100, for the fiscal year beginning July 1, 2023.
That’s a maximum match of $100 per month for the first $100 contributed.

Get to know your unique retirement plan

RetireReadyTN provides faculty and exempt employees of Tennessee’s Public Colleges and Universities with access to a 401(k) plan offered through Empower Retirement and a choice between membership in the Tennessee Consolidated Retirement System (TCRS) or the Optional Retirement Program (ORP). All higher education members have access to retirement readiness education regardless of the plan they choose.

Day one: Choose between the ORP and TCRS

Faculty and staff exempt from the Fair Labor Standards Act must choose between the ORP and membership in TCRS upon their first day of employment. If you do not make an election, or if you are not exempt, you will be automatically enrolled into the TCRS Hybrid Plan.

Review the TCRS/ORP Decision Guide Hybrid Plan ORP Info for Higher Education Employees

female faculty member looking through documents

Option 1: Optional Retirement Program (ORP)

The ORP is a deferred compensation plan that lets you take control of your retirement by contributing to investment options of your choice. You are immediately vested in the ORP and can decide how your money should be invested given your individual goals, risk tolerance, and timeline. The amount you receive from your ORP account in retirement is based on the value of your account at the time of distribution.

Selecting your ORP provider

The ORP is offered through two plan providers: TIAA and Voya***. More information about their specific investment options can be found here:

TIAA - University of Tennessee TIAA - Tennessee Board of Regents VOYA
ORP Investments Watch List TBR 403(b) Plan Investments Watch List UT 403(b) Plan Investments Watch List

*** TIAA and Voya are not affiliated with GWFS Equities, Inc. or its parent company, Great-West Life & Annuity Insurance Company. The Defined Benefit Plan and the Optional Retirement Plan are not offered by Empower Retirement. Only the 401k and 457 Plans are offered by Empower Retirement. Great-West Life & Annuity Insurance Company and/or its subsidiaries is not responsible for, nor does it endorse, the content contained in the additional third-party material provided.

man working on laptop at university

Self-Directed Brokerage Account Policies

ORP Self-Directed Brokerage Account Policy 403(b) Self-Directed Brokerage Account Policy

Your ORP retirement contributions

Depending on your date of hire, you are enrolled in either the Hybrid ORP Plan or the Legacy ORP Plan.

Hybrid ORP Plan (for employees hired on or after July 1, 2014)

Exempt faculty and staff hired after July 1, 2014 are eligible to participate in the Hybrid ORP Plan. Hybrid ORP members are automatically enrolled in the state’s 401k plan at 2% of salary.

Hybrid Plan ORP Info for Higher Education Employees

Contributions to your ORP

	Employer contributions	Member contributions	Total contributions
ORP	9%	5%	14%
401(k)	0%	2%**	2%
TOTAL	9%	7%	16%

** Your contribution to the 401(k) plan may be modified at any time, including a 90 day window to opt out of the 2%. Contributions are subject to Internal Revenue Service (IRS) limitations, $18,500 for 2018.

Legacy ORP Plan (for employees hired before July 1, 2014)

Exempt faculty and staff who were ORP members prior to July 1, 2014 are in the Legacy ORP Plan. The Legacy ORP plan is closed to new enrollees.

Legacy Plan ORP Info For Higher Education Employees

Additional information about the Hybrid and Legacy ORP plans can be found in the ORP Member Guide.

Option 2: TCRS Hybrid Retirement Plan

The Hybrid Retirement Plan is comprised of two valuable components: a defined benefit plan provided by the Tennessee Consolidated Retirement System (TCRS) and a 401(k) plan offered through Empower Retirement.

Your defined benefit plan

The Tennessee Consolidated Retirement System (TCRS), provides lifetime retirement, survivor and disability benefits for employees and their beneficiaries.

Recognized as one of the best managed defined benefit plans in the country, TCRS provides lifetime retirement, survivor and disability benefits for employees and their beneficiaries. After a five-year vesting period, an employee becomes eligible to receive a monthly benefit at retirement once the age requirement is met. The benefit is calculated by the employee’s years of service and salary. The benefit provided by TCRS is a solid foundation for building a retirement future.

Learn more about the TCRS Login to TCRS Self-Service

Tennessee Consolidated Retirement System (TCRS) logo

A strong foundation. Peace of mind for your retirement future.

Your Tennessee Consolidated Retirement System (TCRS) is recognized as one of the top 5 strongest pension funds in the United States by Standard & Poor's (S&P).

Family in kitchen reading unclaimed property names in local newspaper

Your 401(k)

The 401(k) plan lets you take control of your retirement by investing in fund options of your choice.

You are immediately vested in the 401(k) and can decide how your money should be invested given your individual goals, risk tolerance, and timeline. The amount you receive from your 401(k) account in retirement is based on how much you save, plus any accumulated earnings from your investments.

View 401(k) plan highlights Enroll in the 401(k) plan Login to your 401(k) account

Be Aware of Marketing Contacts Referencing TCRS

People nearing retirement are attractive to marketing firms that get a fee for referrals to businesses offering retirement products. We have become aware of third-party organizations approaching members to offer retirement planning services. When contacting our members, these marketing firms often reference your future TCRS retirement benefits.

Retirement planning and counseling are services already offered at no charge to all members of the retirement plan. Members of RetireReadyTN, including TCRS and the State 401(k)/457(b) plans, can meet a RetireReadyTN Plan Advisor for assistance with retirement planning, counseling, or to discuss any other financial planning needs.

Protect yourself against companies that may be looking to profit for their services.

Meet with a Retirement Plan Advisor

Did you know?

You may spend 20 to 30 years — or more — in retirement. That’s great, but you want to make sure your savings last that long, too. And don’t forget that things will cost more in the future. If inflation averages 3% per year, groceries that cost $50 today will cost more than $120 in 30 years.

Check your retirement dashboard

man shopping in produce aisle of grocery store

Get to know your plan

Depending on your date of hire, you are enrolled in either the Hybrid Plan or the Legacy Plan.

Hybrid Plan (for employees hired on or after July 1, 2014)

Full-time state and higher education employees hired on or after July 1, 2014 are members of the Hybrid Retirement Plan for State Employees and Teachers (“Hybrid Plan”) as a condition of employment.

Hybrid Plan for State and Higher Education Employees

New Employee Orientation Video

The RetireReadyTN New Employee Orientation video will provide new employees with a complete introduction to the Hybrid Retirement Plan for State and Higher Education Employees and K-12 Teachers hired on or after July 1, 2014.

In approximately 15 minutes, you will learn about the TCRS and 401(k) components of your retirement plan including employer and employee contributions, how retirement benefits are calculated, and ways to access account information and retirement readiness resources.

Legacy Plan (for employees hired before July 1, 2014)

Full-time state and higher education employees hired prior to July 1, 2014 are members of the Legacy Plan for State and Higher Education (“Legacy Plan”) as a condition of employment.

Legacy Plan for State and Higher Education Employees

Take charge of your retirement by enrolling in the 401(k) and/or 457 plan

Get started

Planning for Retirement?

When the time comes to retire, we want you to be ready. Make the most of your retirement by taking steps to plan for it now. This checklist will help you navigate the process from start to finish.

Retirement Checklist

couple planning for retirement

Additional savings opportunity

As an added benefit, the State of Tennessee offers the ability to save through a 457 deferred compensation plan. The 457 has the same investment options as the 401(k) and does not share a contribution limit with other retirement plans. By participating in the 457 plan you can save and invest additional money for retirement.

457 plan highlights 401(k) and 457 plan comparison Login to your 457 account