Policy 5:01:03:00

Subject:  Retirement

Except as otherwise provided herein, all regular full-time employees of the Tennessee Board of Regents and of institutions and technology centers governed by the Tennessee Board of Regents shall be members of a state-supported retirement system, subject to the eligibility provisions of T.C.A. § 8-35-101 et seq. 

Regular part-time employees are eligible to become members of a state-supported retirement system, but such membership is not mandatory.  Regular academic, executive, administrative, and professional employees of the Board and institutions shall have the option of becoming members of either the Tennessee Consolidated Retirement System or the Board of Regents Optional Retirement Program, pursuant to T.C.A. § 8-35-101 et seq., and policies and guidelines of the Board.

(1) Employees who are members of the Tennessee Consolidated Retirement System are eligible to retire upon attainment of age sixty (60) or upon completion of thirty (30) years of creditable service.

(2) Employees who are members of the optional retirement program may retire at any time permissible under the provisions of the annuity contracts purchased from the designated carrier of the program.

Any person who has served as the president of an institution under the Board of Regents for a period of not less than ten (10) years and has attained the age of sixty (60) while being employed by the Board may, upon approval of the Board, be retired as President Emeritus of the institution where he/she served a minimum of ten (10) years.  For presidents hired after September 1, 2002, this will be an honorary title earned through service with no material benefit other than the honor associated with its granting.  Only for presidents hired prior to September 2002, an annual salary of twenty percent (20%) of his/her last year’s salary, exclusive of perquisites, may be paid monthly from institution appropriations subject to the terms and conditions of T.C.A. § 8-36-714.

For either retirement system (TCRS or ORP), the limit to employer contributions made on behalf of employees employed after July 1, 1996 is $210,000.  There is no contribution limit for employees employed before July 1, 1996.  Additionally, for employees enrolled in the ORP, there is also an annual aggregate contribution limit for contributions to the ORP and 401(k).  This limit is defined on an annual basis. 

Source:  TBR Meetings, September 24, 1976; September 29, 1978; June 29, 1979; June 26, 1981; March 19, 1982: September 30, 1983; December 14, 1984; March 20, 1987; December 13, 1991; June 25, 1993; September 20, 2002; March 30, 2006;

Note:

(a) The provisions of this policy which constituted amendments or revisions adopted on September 29, 1978, became effective on January 1, 1979.

(b) The provisions of this policy which constituted amendments or revisions adopted on June 26, 1981, became effective on July 1, 1981. 

(c)  The provisions of this policy under which regular full-time executive, administrative, and professional employees are eligible to participate in the optional retirement program became effective on July 1, 1983.

(d)  Regular part-time employees became eligible for retirement system membership on July 1, 1984.