Tennessee Profit Sharing Plan
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How to fill out Profit Sharing Plan?
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FAQ
TCRS provides a lifetime monthly benefit as determined by a formula specified in state law. The formula for computing a monthly retirement benefit consists of a member's Average Final Compensation (AFC), years of creditable service, and the benefit accrual factor, which are described below.
Lifetime monthly benefits payable to vested members at retirement. Benefits are determined by a set formula: Accrual Factor (1.5%) x AFC (average highest consecutive five year salaries) x Years of Service = Monthly Benefit with/without Benefit Improvement Percentage (BIP).
General state and higher education employees become vested in TCRS upon completing at least 5 years of creditable service with a TCRS-covered employer. Vested members are eligible for an unreduced monthly retirement benefit at age 60 or with 30 years of creditable service.
Retired teachers and state employees who have been on the TCRS retired payroll for at least 12 consecutive months as of July 1, 2023 will receive a 3% cost-of-living adjustment, the highest increase available under laws governing TCRS.
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.
The Rule of 90 means the attainment of a combination of age and years of creditable service as to equal 90. For example, a member age 55 with 35 years of service would qualify for service retirement since the member's age and service totals 90 (55 + 35 = 90).
Hybrid Plan members are immediately vested in the 401(k). Unlike the TCRS defined benefit plan, the amount available at retirement in a 401(k) account is the accumulated account balance that includes employer and member contributions and investment earnings.