As of July 1, 2014, all newly hired eligible employees are automatically enrolled into the Hybrid Pension Plan. The 401k component of the plan includes an auto-enrolled two percent contribution from you. You can change the amount of this percentage by contacting RetireReady Tennessee, by visiting https://retirereadytn.empower-retirement.com/participant/#/login?accu=TennesseeWR or by calling (800) 922-7772. Please note, by continuing to contribute, the state will also contribute a dollar-for-dollar match contribution up to $50 per month. For those enrolled in the Hybrid Pension Plan, five percent of your salary is contributed by the state to your plan regardless of whether or not you contribute to 401k.
For more detailed information on the Hybrid Pension Plan, please visit: http://treasury.tn.gov/tcrs/PDFs/FAQsHybridpensionplan.pdf