| The State of Tennessee 401(k) match is changing for FY24. General State and Higher Education Employees will be eligible to receive a $1 match for every $1 contributed to the State of Tennessee 401(k) plan each month, up to $100, for the fiscal year beginning July 1, 2023. That’s a maximum match of $100 per month for contributions of $100 or more. PLEASE NOTE: You must contribute at least $100 to your 401(k) account each month to receive the full $100 match beginning with the first payroll for FY24. Monthly contributions that are less than $100 WILL NOT receive the full $100 match each month. If you haven’t yet enrolled or aren’t currently contributing at least $100 each month to the 401(k) account, don’t leave extra money on the table! To get the full match for the fiscal year, log into your 401(k) account now at RetireReadyTN.gov to make sure your monthly contributions equal at least $100 per month. The increased match is currently approved for fiscal year 2024, which runs from July 1, 2023, to June 30, 2024. To ensure you get the full $1,200 match for the year, review your contributions as soon as possible before the start of the new fiscal year. RetireReadyTN is the state’s retirement program, combining the strengths of a defined benefit plan provided by the Tennessee Consolidated Retirement System (TCRS); the State of Tennessee 401(k) plan through services provided by Empower Retirement, TIAA, and Voya; and retirement readiness education. We strive to empower public employees to take actionable steps toward preparing for the future. |