Below are the important features about your plan. This website is intended to be a summary of the plan provisions. In the event that a conflict exists between the information contained within this website and the plan document, the plan document provisions prevail. For more information, please contact your local representative.
The Tennessee Optional Retirement Program (ORP) is a defined contribution retirement plan offered to faculty and exempt employees of Tennessee's public colleges and universities as an alternative to the Tennessee Consolidated Retirement System (TCRS) defined benefit pension plan. Once an eligible employee elects to participate in ORP, that decision is irrevocable with one exception. On a participant’s 5th anniversary, he or she will receive a letter from the State asking if they wish to leave the ORP and buy into TCRS. After this period, the decision is irrevocable.
ORP contribution rates for new employees who begin employment on or after July 1, 2014:
- Employer contribution will be 9% of compensation
- Mandatory employee contribution will be 5% of compensation.
A 2% Employee auto-enroll contribution will also be made on behalf of all participants to the 401(k) plan for which a participant may change their contribution amount at any time.
Under the Plan, the maximum annual contribution amount is set by Internal Revenue Service (IRS) guidelines on a yearly basis. You may view the current limits here.
Insurance products, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners LLC (member SIPC). All companies are members of the Voya® family of companies. Securities may also be distributed through other broker-dealers with which Voya has selling agreements. Insurance obligations are the responsibility of each individual company. Product and services may not be available in all states.