Most term employees become eligible to participate after being in an active pay status for 6 monthly or 13 biweekly pay periods in any 12-month period. Employees participating in a retirement plan must continue in a plan as long as they remain in a regular or term status. Also, any person who is employed by The University of Tennessee as a term employee and is retired from the University or other State agency or is eligible to participate in the State of Tennessee Retiree Group Insurance Program may not participate in any of the University's retirement plans. If the application for the transfer is made within 90 days of the reclassification, the change will be effective within one month of the date the application is received by the Office of Retirement and Benefits Services. Otherwise, an opportunity is provided each May for any exempt employee to redirect contributions and member account funds, if any, from TCRS to the ORP to be effective the following July.
Any amount contributed by the employee establishes a member account in the employee's name.
All part-time employees enrolled in the retirement system prior to that date were permitted to continue participation or to withdraw. Vesting and Creditable Service Employees who are enrolled in TCRS must accrue five years of creditable service to be vested and receive a service retirement benefit. ORP benefits are vested immediately and may be started at any time after separation from service regardless of age. No specific amount of creditable service is required for accidental disability under these plans. For TCRS members, the employee's contribution of 5 percent of gross salary was assumed.