21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Tennessee Retirement Benefits Plan
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For the fiscal year ended June 30, 2022, TCRS returned -3.63%, outperforming its policy index (-5.62%).
The state makes all contributions to your retirement account. Vested members of TCRS become eligible for service retirement upon completion of 30 years of creditable service or upon attainment of age 60.
In this example, TCRS early retirement benefits replace 30% of the member's AFC after 25 years of service. A member with 25 years of service may retire prior to age 55; however, the benefit will be further reduced to the actuarial equivalent of the benefit payable at age 55.
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.
Tennessee Consolidated Retirement System (TCRS) TCRS is your defined benefit plan?providing lifetime retirement, survivor and disability benefits for employees and their beneficiaries. Your Tennessee Consolidated Retirement System (TCRS) is recognized as one of the top 5 strongest pension funds in the United States.
Luckily, Tennessee is one of the most tax-friendly states in the nation, as Tennessee does not charge income tax. This means that your retirement savings and social security won't be taxed at a state level as well as any withdrawals. Any public and private pension incomes are not taxed.
TCRS provides a lifetime monthly benefit at retirement once eligibility has been met. Higher education and general state employees become vested in TCRS upon completing at least 5 years of creditable service with a TCRS-covered employer.
Retiring in Tennessee ? Pros and Cons Pro: Affordable Housing. Many retirees choose to downsize their homes to cut back on some of those pricey real estate costs. ... Con: Lack of Public Transportation. ... Pro: Endless Entertainment Options. ... Con: Higher Crime Rates. ... Pro: Natural Beauty Wherever You Look.