All regular full-time employees must participate in one of the state of Tennessee’s retirement plans.
Regular part-time employees may join a retirement plan. Those who elect to participate are subject to the same terms and conditions as members with mandatory participation.
Changes to the retirement plans administered by the state of Tennessee and offered to UT employees took effect on July 1, 2014. For existing employees (hired before July 1, 2014), retirement plans you're already enrolled in and associated benefits will not change.
For employees who begin employment on or after July 1, 2014 the following will apply.
- All new employees participating in a retirement plan will be automatically enrolled in a 401k plan at a 2 percent contribution of their base pay and be eligible for a match from UT for up to $50/month. Employees may change the contribution rate or opt out all together.
- Regular full-time nonexempt employees will be required to participate in the TN Consolidated Retirement System (TCRS) Hybrid Plan. The Hybrid Plan is a combination pension and 401k-style plan that will require new employees to contribute a percentage of their base pay with the university contributing a percentage of their base pay.
- Regular full-time faculty and exempt staff will have the choice to participate in either the TN Consolidated Retirement System (TCRS) Hybrid Plan or the Optional Retirement Plan (ORP). Both plans will require the employee to contribute a percentage of their base pay with the university contributing a percentage of their base pay. Employees who participate in the ORP plan will invest the contributions with the vendor of their choice.
Comparison of the TCRS Hybrid and ORP Hybrid Plans