It is recommended any time you have a change in job status, such as the examples above, that you contact RetireReady Tennessee to make sure your most recent deferral election is what you expect it to be. Please visit https://retirereadytn.empower-retirement.com/participant/#/login?accu=TennesseeWR or call (800) 922-7772 to speak with a representative.
It is important to note: If your change in job status also has a change in payroll frequency, the dollar amount per paycheck will not adjust automatically with the change in payroll frequency. For example: changing from a monthly payroll agency to a semi-monthly agency or vice versa, or returning from a leave of absence in which you were paid once a month and now you will be paid twice a month. If you were contributing $200 per paycheck monthly before the job change, you will be contributing $200 per paycheck semi-monthly as well (that would actually be $400 per month and not $200). In these situations, it is a good idea to contact RetireReady Tennessee to confirm your deferral amount per paycheck.
For detailed information on the Hybrid Pension Plan, please visit: http://treasury.tn.gov/tcrs/PDFs/FAQsHybridpensionplan.pdf