21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan
Tennessee Supplemental Retirement Plan
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US-CC-21-104
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In order to qualify for a refund, a member must (1) have funds in TCRS, (2) no longer be employed by any employer covered by TCRS and (3) complete this application and return it to TCRS at the above address. Please read the income tax information beginning in Section 6 before completing your application.
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 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.
A member of the Hybrid Retirement Plan for State Employees and Teachers becomes eligible for unreduced service retirement benefits upon attainment of age 65 or reaching the Rule of 90. The Rule of 90 means the attainment of a combination of age and years of creditable service as to equal 90.
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.
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.
A 10% federal penalty tax may apply to distributions taken prior to age 592.
In order to qualify for a refund, a member must (1) have funds in TCRS, (2) no longer be employed by any employer covered by TCRS and (3) complete this application and return it to TCRS at the above address.
