State of Tennessee Hybrid Plan
The TCRS pension plan has two components, a defined benefit plan and a defined contribution
plan, and accordingly is referred to as the Hybrid Plan. The defined benefit portion
of the plan will be managed by the Tennessee Consolidated Retirement System (TCRS).
The defined contribution component will be administered through the State of Tennessee's
401(k) plan with record keeping by Great-West Financial.
The TCRS Hybrid plan includes the following components:
- The TCRS Hybrid Plan Defined Benefit component has two elements, one is the employer contributions of 3.94% and the other is the mandatory employee contributions of 5%
- The TCRS Hybrid Plan Defined Contribution component, separate from the above Defined Benefit Component, has an additional 5% employer contribution element and a 2% auto enroll employee contribution element with an op-out feature
- Total Employer contributions will be approximately 9% per pay period and total Employee contributions will be 5% with 2% opt-out on the Defined Contribution component
In addition to the TCRS Hybrid Plan, an ORP option is available to eligible Higher Education employees. This option is only available to faculty and administrative employees. The ORP option includes the following components:
- The ORP component has two elements, one is the employer contributions of 9% and the other is the mandatory employee contributions of 5%. These funds are deposited into an account administered by one, two, or three of the approved ORP vendors (AIG-VALIC, TIAA, or VOYA) and investments designated by the employee
- The Defined Contribution component, separate from the above ORP component, has an additional 2% auto enroll employee contribution element into a 401(k) account, with an opt-out feature
For more information about the Hybrid Plan click here.
Human Resource Services
Middle Tennessee State University
2269 Middle Tennessee Boulevard
204 Sam H. Ingram Building
Murfreesboro, TN 37132-0001