Retirement Plan Overview

Retirement is a major component of your benefits package.  As a condition of employment all regular full-time employees are required to participate in a retirement plan. Enrollment is optional for part-time employees.  Non-exempt employees are automatically enrolled in the Tennessee Consolidated Retirement System Hybrid (TCRS). TCRS is a pre-tax defined benefit and contributory plan and requires 5 years of service to vest. Exempt employees have the option to elect the TCRS Hybrid or Optional Retirement Program Hybrid (ORP). The ORP is a pre-tax defined contributory plan with no vesting requirements. 

Returning employees who were hired prior to July 1, 2014, and are rehired within 7 years, may be eligible to return to the non-contributory option.

Employees are also eligible to participate in voluntary tax deferred annuities.

Employees who are non-US citizens, who do not pay Social Security or Medicare taxes are not eligible for retirement membership. Upon eligibility the employee will be contacted by the UT Systems Retirement office regarding enrollment.

Retirement Plan Comparison

Employees hired July 1, 2014 and after

• TCRS Hybrid and ORP Comparison

UT Le Bonheur Pediatric Specialists

Employees who are also a part of UT Le Bonheur Pediatric Specialists (ULPS) are also required to participate in the ULPS retirement plan. This plan requires a 5% (post-tax) employee contribution and a 9% employer contribution from the practice salary on a monthly basis. The plan sponsor is John Hancock and plan administrator is Merrill-Lynch-Wealth Management. Returning ULPS employees who were hired prior to July 1, 2014 may be eligible to return to the non-contributory option.

John Hancock Enrollment Guide