All regular full-time employees shall be members of a State supported, non-contributory retirement system. Regular part-time employees are eligible to become members of a State-supported retirement system, but such membership is not mandatory. Clerical and support personnel shall be members of the Tennessee Consolidated Retirement System (TCRS). Regular academic, executive, professional and administrative employees have the option of becoming members of either TCRS or the Tennessee Board of Regents' Optional Retirement Program (ORP): Teachers Insurance and Annuity Association (TIAA) and the College Retirement Equities Fund (CREF); ING; or AIG VALIC (American International Group and The Variable Annuity Life Insurance Company).
Employees who are members of the TCRS are eligible to retire at age 60 or upon completion of 30 years of service. A member of TCRS with 10 years of service may retire at age 55 with reduced benefits. Employees who are members of the ORP may retire at any time permissible under the provisions of the annuity contracts purchased from the carrier.
Both retirement plans are paid for by the State, with no employee contributions required.
Employees contemplating retirement should notify the Office of Human Resources as early as possible prior to the anticipated date of retirement so that retirement estimates and other planning information can be obtained to facilitate the retirement.
Source: Tennessee Board of Regents Personnel (TBR) Policy No. 5:01:03:00, Tennessee Board of Regents Personnel (TBR) Policy No. 5:01:03:03; TBR Personnel Guideline No. P-040.