- State & Teacher Plans
- Political Subdivision Seminars
Alert to Active Johnson City Power Board Employees Participating in the Tennessee Consolidated Retirement System
(December 23, 2013)
The Tennessee Department of Treasury is informing active Johnson City Power Board employees about a theft of personal information. more...
Alert to Active Metro Nashville Teachers Participating in the Tennessee Consolidated Retirement System
(December 14, 2013)
The Tennessee Department of Treasury is informing active Metro Nashville teachers about a possible theft of personal information. more...
Tax season is upon us. All TCRS members who received a payment from TCRS, whether via a monthly benefit or lump sum refund, will receive a Form 1099. These will be postmarked by January 31, 2014. Retirees may also access these Forms immediately via the self-service portal at mytcrs.com. Please allow until February 18, 2014 to request reprints of your Form 1099. If you have any questions, please do not hesitate to contact Financial Services at 800.770.8277, option 3.
Retiree Self-Service is live! Please click on the Retiree Self-Service link to the left under Most Popular Links to register and login. Currently Self-Service is only available to retired members. Self-Service for active members will be available in the spring of 2014.
The Tennessee Consolidated Retirement System (TCRS) is a defined benefit pension plan that covers state employees, higher education employees, K-12 public school teachers, and employees of political subdivisions who have elected to participate in the plan. This means that the amount of any future retirement benefits is determined by a benefit formula rather than an account balance.
The TCRS provides retirement benefits as well as death and disability benefits to plan members and their beneficiaries. Benefits are determined by a formula using the member’s high five-year average salary and years of service. Members become eligible to retire at the age of 60 with five years of service or at any age with 30 years of service. A reduced retirement benefit is available to vested members with five years of service who become disabled and cannot engage in gainful employment. There is no service requirement for disability that is the result of an accident or injury occurring while the member was in the performance of duty.
Please click HERE to view the fees associated with the debit cards issued for retirement payments beginning April 30, 2013.
Consumer Alert: Misleading Mailout Sent to TCRS Members
(September 25, 2013)
TCRS has been made aware of a misleading mailout sent to TCRS members from a Texas-based company not affiliated with TCRS. This mailing makes incorrect and misleading statements about TCRS. Members should contact TCRS directly with questions about their benefits. more...
Tennessee Consolidated Retirement System Approves Four New Investment Commitments
(March 28, 2013)
The investment committee of the Tennessee Consolidated Retirement System (TCRS) Board of Trustees has approved two new commitments within its private equity portfolio and two new commitments within its strategic lending portfolio. more...
Tennessee's State Pension Fund Rated Best in Nation for Investment Strategy
(March 19, 2013)
Tennessee Consolidated Retirement System (TCRS), the state's retirement fund for state government, higher education and other public employees, is managing its investments better than any other large public pension plan in the country. So says Money Management Intelligence, a publication featuring news, trends and analysis about and for institutional investors. more...
Treasurer Lillard Proposes New Pension Options for State & Teacher Plans
(February 25, 2013)
State Treasurer David H. Lillard, Jr. is recommending that the General Assembly adopt a number of reforms to the state's retirement plan for public employees. The Tennessee Consolidated Retirement System (TCRS) is a well-funded pension plan. more...
(November 29, 2012)
The Active member employee newsletter is now available. Click here to view the current issue of the TCRS Report.
TCRS Board Meetings
(November 1, 2012)
Information concerning the current and past board meetings can be found here.
Treasurer Lillard Proposes New Pension Options for Local Governments
(January 23, 2012)
To give local governments more choices for their employees’ retirement plans, Tennessee State Treasurer David H. Lillard Jr. today proposed several new options to state legislators for their consideration. more...
2012 COLA for Retirees
(January 23, 2012)
Retired teachers and state employees who have been on the TCRS retired payroll for at least 12 consecutive months as of July 1, 2012 will receive a 3.0% cost-of-living adjustment. Retirees of local governments that have authorized COLAs will receive the same increase.
2011 COLA for Retirees
(April 29, 2011)
Retired teachers and state employees who have been on the TCRS retired payroll for at least 12 consecutive months as of July 1, 2011 will receive a 1.5% cost-of-living adjustment. Retirees of local governments that have authorized COLAs will receive the same increase.
Important Tax Notice
(January 19, 2011)
Many of you may have noticed a change in the withholding tax deducted from your TCRS benefit payment in January. In 2009 and 2010 there was a "Making Work Pay" federal tax credit in effect as part of the American Recovery and Reinvestment Act. The “Making Work Pay” tax credit expired on 12/31/2010. This means that most retirees will notice an increase in the amount of federal withholding deducted.
In addition, TCRS has received several questions concerning the effect the Social Security rate decrease from 6.2% to 4.2% will have on their monthly pension benefits. This change will not affect TCRS pension recipients since the pension benefits are not subject to the Social Security tax.
At any time, you can change the amount of taxes being withheld from your monthly retirement benefit by completing a Substitute Withholding Certificate for Pension or Annuity Payments form. This form can be downloaded at tcrs.tn.gov. You may also send a letter indicating any changes to TCRS, ATTN: Retired Payroll, 502 Deaderick Street, Nashville, TN 37243-0201.
Tennessee's Retirement Fund in Good Shape Compared to Others
(July 25, 2010)
Good economic news can be hard to find in the Capitol building, but Tennesseans can breathe a little easier about one corner of the state budget. ...more
(Knoxville News Sentinel article by Josh Flory. Posted July 25, 2010.)
Financial Welfare of TCRS
The financial marketplace has been exhibiting a high degree of volatility for several months, mainly due to issues related to the mortgage industry. Several Tennessee Consolidated Retirement System (TCRS) members and retirees have expressed concern. ...more
Recent Letters to TCRS Retirees
Approximately 10% of TCRS retirees received a letter dated July 30, 2010 from TCRS where the insurance premium(s) was not shown correctly. The letter provided the amount of the COLA increase, the new gross value of the pension benefit, insurance deductions, tax withholding deductions, other deductions, and the net amount deposited to your checking or savings account.
Unfortunately, the medical insurance deduction shown for retired state employees under the age of 65 was not correct. The medical insurance premium did not change. The premium for July was the same amount as the June premium.
In addition, the letters for retirees enrolled in the long term care plan and dental insurance plan did not show a deduction.
The correct deductions were taken from your pension benefit and the correct amount was deposited in your bank account. The only issue occurred in the printing of the letters.
Please contact our office if you have any questions concerning this issue at (800) 770-8277 or 741-4913.
Legislation has been enacted to create a new Hybrid pension plan for state employees and K-12 teachers hired on or after July 1, 2014. Current employees or retirees are not affected by the changes. Information concerning the new plan can be found below.
Individuals with disabilities who wish to participate in these proceedings and require an accommodation should contact Bridget Dorse with Tennessee Consolidated Retirement System no less than two (2) days prior to the scheduled meeting date to allow time for the Treasury Department to arrange for an accommodation. You may contact the Treasury Department at 502 Deaderick St., Nashville, TN 37243; (615) 741-7063 or the Board Administrator Bridget Dorse by email at email@example.com.
The Tennessee Consolidated Retirement System (TCRS) performs actuarial valuations every two years for participating political subdivisions. In an effort to help these political subdivisions understand the employer rate changes & additional information about TCRS, we will be holding our Biennial Employer Seminars. The 2014 seminars will take place from January 23rd to February 3rd.
Topics will include:
- General TCRS retirement information
- 2014 Political Subdivision plan options
- 2014 State and Teacher hybrid plan
- Actuarial information
- Legislative changes
- New pension administration system update- Concord System
The meetings will be held on the following dates:
- Thursday, January 23: Henry County Medical Center, Classroom 2 and 3, 301 Tyson Avenue, Paris, TN
- Friday, January 24: Doubletree Hotel, 1770 Highway 45 Bypass, Jackson, TN
- Tuesday, January 28: Cookeville Gas Department, 16 North Oak Avenue, Cookeville, TN
- Wednesday, January 29: Jonesborough Visitors Center, 117 Boone Street, Jonesborough, TN
- Thursday, January 30: Sevierville Civic Center, 200 Gary Wade Blvd, Sevierville, TN
- Friday, January 31: Doubletree Hotel, 407 Chestnut Street, Chattanooga, TN
- Monday, February 3: Williamson County Agricultural Center, 4215 Long Lane, Franklin, TN
To view the power point that will be presented, please click here. For additional information, please contact Melissa L. Davis, Supervisor of Field Services at Melissa.L.Davis@tn.gov or (800) 770-8277, option 1.
|Concord is a Tennessee Treasury Department project to replace the computer systems that are used to administer the Tennessee Consolidated Retirement System (TCRS). Currently five separate systems, each with its own purpose, are used by TCRS to administer retirement benefits. While these systems have served their purpose well for more than 20 years, they require increasing maintenance and can't provide new functions.
To learn more about the Concord project, please click here.