Tennessee Notice Regarding Introduction of Restricted Share-Based Remuneration Plan

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Multi-State
Control #:
US-ENTREP-006-2
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Word; 
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Description

Letter of Notice, by the board of directors, concerning the introduction of a Remuneration Plan for Shares with a restriction on transfer on said shares.
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FAQ

T.C.A., Section 8-36-805 permits a retired TCRS member to accept temporary employment with an employer participating in TCRS without suspension of retirement benefits provided the retired member has been retired 60 days and does not accrue additional retirement credit as a result of such employment.

120-day Conversion to Hours Additionally, days can be converted to hours. If a retiree worked 7.5 hours pre-retirement and takes a position post-retirement working 4 hours per day, he can work a maximum of 900 hours ? the equivalent of 120 full days of work - during the 12-month temporary employment period.

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.

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.

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.

A: With low tax rates, affordable housing, a low cost of living, natural beauty, and so many fun things to do, Tennessee is a great place to consider retirement.

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.

On June 26, PBI confirmed to TCRS that files containing the personal information of 171,836 retired members and their beneficiaries was accessed as part of this breach. This information included name, social security number, date of birth, and mailing address.

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Tennessee Notice Regarding Introduction of Restricted Share-Based Remuneration Plan