This due diligence form is used to report the relative observations made from an on-site due diligence review relating to the possible acquisition of a facility.
Tennessee Consolidated Facilities Visit Report
Category:
State:
Multi-State
Control #:
US-DD0511
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Word;
PDF;
Rich Text
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FAQ
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. You must make a beneficiary designation.
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.
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.
Retired teachers and state employees who have been on the TCRS retired payroll for at least 12 consecutive months as of July 1, 2022 will receive a 3% cost-of-living adjustment, the highest increase available under laws governing TCRS.
Five Year Salaries) x 1.5% (Accrual Factor) + 5% BIP. (Benefit Improvement Factor) = Yearly Benefit. 2022 Benefit Payments: Monthly, over the Member's Lifetime. There are also Survivorship Options.
There are no changes to your benefits, and the administrators for your medical and pharmacy plans will stay the same for the 2022 plan year.
Full-time state employees are automatically a member of the Tennessee Consolidated Retirement System (TCRS). However, you must accrue five years of creditable state service before you are vested (guaranteed retirement benefits when age requirements are met).
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.
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