reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 8 - REEMPLOYMENT AFTER RETIREMENT (§§ 8-36-NEW — 8-36-823) › Section 8-36-822 - Reemployment as teacher, substitute teacher, or bus driver after retirement [Repealed effective 6/30/2025]

(a)
Notwithstanding another law to the contrary, a retired member of the Tennessee consolidated retirement system or of a superseded system, or of a local retirement fund established pursuant to chapter 35, part 3 of this title may be reemployed in a position covered by the retirement system without the loss or suspension of the retired member's Tennessee consolidated retirement system benefits; provided, that the following conditions are met:
(1)
The retired member is reemployed as a kindergarten through twelfth (K-12) grade teacher as defined in §
8-34-101
, as a kindergarten through twelfth (K-12) grade substitute teacher, or as a kindergarten through twelfth (K-12) grade school bus driver;
(2)
The retired member is not reemployed until the expiration of at least sixty (60) calendar days from the member's effective date of retirement;
(3)
During the reemployment, the retirement benefit payable to the retired member must be reduced to seventy percent (70%) of the retirement allowance the member would have otherwise been entitled to receive;
(4)
[Deleted by 2023 amendment.]
(5)
To fund the liability created by this section, the retired member's new employer shall pay to the Tennessee consolidated retirement system during each period of reemployment the greater of:
(A)
A payment equal to the amount the employer would have contributed to the retirement system had the retired member been a member of the retirement system during the period of reemployment; or
(B)
An amount equal to five percent (5%) of the retired member's pay rate;
(6)
The retired member is not eligible to accrue additional retirement benefits as a result of the member's reemployment;
(7)
Upon the reemployment of the retired member, the retired member's new employer shall:
(A)
Notify the retirement system of the member's reemployment with documents or information required by the retirement system; and
(B)
[Deleted by 2023 amendment.]; and
(8)
The retiree is not drawing disability retirement benefits under chapter 36, part 5 of this title.
(b)
[Deleted by 2023 amendment.]
Amended by 2023 Tenn. Acts, ch. 425, s 3, eff. 5/11/2023.
Added by 2022 Tenn. Acts, ch. 821, s 1, eff. 7/1/2022.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 8 - REEMPLOYMENT AFTER RETIREMENT (§§ 8-36-NEW — 8-36-823) › Section 8-36-823 - Employees of subsidiaries of an association or independent contractors

An association whose employees participate in the Tennessee consolidated retirement system under §
8-35-209
shall annually submit to the board of trustees a list of retired members of the Tennessee consolidated retirement system who are assigned to perform any functions or duties for the association as an employee of a subsidiary of the association or an independent contractor.
Acts 2006, ch. 1002, § 2; 2008 , ch. 674, § 22; 2010 , ch. 777, § 26.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-901 - Short title

This part shall be known and may be cited as the "Hybrid Retirement Plan for State Employees and Teachers."
Added by 2013 Tenn. Acts, ch. 259,s 1, eff. 7/1/2014.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-904 - Requirement to make employee contributions to defined benefit component of the plan - Employer to pick up employee contributions

(a)
Participants in the hybrid plan shall be excluded from the noncontributory provisions of §
8-34-206
and shall be required to make employee contributions to the defined benefit component of the plan equal to five percent (5%) of the participant's earnable compensation.
(b)
Each employer shall pick up the employee contributions required under this section. The contributions so picked up shall be treated as employer contributions pursuant to § 414(h) of the Internal Revenue Code (
26 U.S.C. § 414(h)
) in determining tax treatment under said Code. The employee shall not have the option of choosing to receive the contributions in the form of cash or cash equivalents instead of having them paid by the employer into the hybrid plan benefits trust account created pursuant to §
8-36-920
.
Added by 2013 Tenn. Acts, ch. 259, s 1, eff. 7/1/2014.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-905 - Establishing service credit under Tennessee consolidated retirement system

Any participant who desires to establish service credit pursuant to chapters 34-37 of this title shall pay employee contributions to the defined benefit component of the plan equal to the amount of the employee contributions required under the terms of the hybrid plan as they existed at the time the service was established, plus interest at the rate provided in §
8-37-214
. In the case of refunded service, the amount shall be equal to the total amount that was previously withdrawn, plus interest at the rate provided in §
8-37-124
. Any service established or reestablished pursuant to this section shall be credited under the terms of the hybrid plan as they existed at the time the service was established and not at the time the service was rendered.
Added by 2013 Tenn. Acts, ch. 259, s 1, eff. 7/1/2014.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-907 - Service retirement allowance as an annuity

(a)
Except as provided in §§
8-36-908
and
8-36-909
, the service retirement allowance payable to a participant under §
8-36-906
shall consist of a member annuity which shall be the actuarial equivalent of the participant's accumulated contributions in the defined benefit component of the plan at retirement, plus a state annuity which, when added to the member annuity, shall be equal to:
(1)
In the case of a participant, other than those participants described in subdivision (a)(2), one percent (1.0%) of the participant's average final compensation, multiplied by the number of years of creditable service, unless reduced in accordance with §
8-36-921
or §
8-36-922
; and
(2)
In the case of a participant who is the attorney general and reporter, a district attorney general, district public defender, or state judge, one and six-tenths percent (1.6%) of the participant's average final compensation, multiplied by the number of years of creditable service, unless reduced in accordance with §
8-36-921
or §
8-36-922
.
(b)
Section
8-36-124
shall not apply in determining the retirement allowance payable under this section.
Added by 2013 Tenn. Acts, ch. 259, s 1, eff. 7/1/2014.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-908 - Determination of the amount of annual service retirement allowance

(a)
Notwithstanding any law to the contrary, the base annual service retirement allowance payable to a participant under the defined benefit component of the plan shall not exceed the amount determined and in effect on July 1, 2014, pursuant to §
8-35-256(h)
; provided, however, that commencing on July 1, 2015, and on each July 1 thereafter, this amount shall be increased or decreased in accordance with the consumer price index as defined in §
8-36-701(c)
, and the amount of increase or decrease shall be based on the prior calendar year. Such participant's annual pension benefit shall be limited to the base benefit in effect at the time of the participant's retirement, but shall be subject to increase in accordance with the cost-of-living provisions of §
8-36-701(b)(1) and (b)(2)
.
(b)
Notwithstanding subsection (a), the service retirement allowance payable under this part shall not exceed ninety percent (90%) of the participant's average final compensation as may be adjusted by the cost-of-living provisions of §
8-36-701(b)(1) and (b)(2)
.
Added by 2013 Tenn. Acts, ch. 259, s 1, eff. 7/1/2014.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-910 - Early service retirement allowance

(a)
Except as otherwise provided in this section and in §
8-36-921
, any participant shall be eligible for an early service retirement allowance from the defined benefit component of the plan upon attainment of sixty (60) years of age and completion of five (5) years of creditable service, or upon attainment of a combination of age and years of creditable service as to equal eighty (80).
(b)
Any participant serving in a position covered by the mandatory retirement provisions of §
8-36-205
shall be eligible for an early service retirement allowance from the defined benefit component of the plan upon attainment of fifty-five (55) years of age and upon completion of five (5) years of creditable service, or at any age upon completion of twenty-five (25) years of creditable service.
(c)
Any participant serving as the attorney general and reporter, a district attorney general, district public defender, state judge, or as a member of the general assembly shall not be eligible for an early service retirement allowance under the defined benefit component of the plan. Instead, such participants shall be eligible for a retirement allowance from the defined benefit component of the plan upon meeting the applicable conditions set forth in §
8-36-906
.
Added by 2013 Tenn. Acts, ch. 259, s 1, eff. 7/1/2014.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-911 - Computation of early service retirement allowance

(a)
Except as provided in §
8-36-912
, the early service retirement allowance payable to a participant under §
8-36-910
shall be computed as a service retirement allowance in accordance with §
8-36-907
, but reduced by an actuarially determined factor as set by the board from time to time.
(b)
Section
8-36-124
shall not apply in determining the retirement allowance payable under this section. Further, §
8-36-211(a)(2)
shall not apply in calculating the supplemental bridge benefit for participants covered by the mandatory retirement provisions of §
8-36-205(a)(1)
who retire on an early service retirement allowance pursuant to this section, nor shall §
8-36-211(b)(2)
apply in calculating the supplemental bridge benefit for participants covered by the mandatory retirement provisions of §
8-36-205(a)(2)
who retire on an early service retirement allowance pursuant to this section and whose employer adopted this part. Instead, the supplemental bridge benefit shall be equal to three-fourths of one percent (0.75%) of the participant's average final compensation, multiplied by the participant's years of creditable service when the participant was in a position covered by the mandatory retirement provisions of §
8-36-205
, but reduced by an actuarially determined factor as set by the board from time to time.
Added by 2013 Tenn. Acts, ch. 259, s 1, eff. 7/1/2014.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-912 - Computation of minimum early service retirement allowance

The minimum early service retirement allowance payable under the defined benefit component of the plan pursuant to §
8-36-911
shall be the minimum service retirement allowance computed in accordance with §
8-36-909
on the basis of the participant's creditable service at the time of early retirement, reduced by an actuarially determined factor as set by the board from time to time. Section
8-36-124
shall not apply in determining the retirement allowance payable under this section.
Added by 2013 Tenn. Acts, ch. 259, s 1, eff. 7/1/2014.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-913 - Applying for a disability retirement benefit

Any participant may apply for a disability retirement benefit pursuant to the provisions and criteria set forth in part 5 of this chapter. All of part 5 of this chapter shall be applicable, except that the disability retirement allowance shall be equal to nine-tenths (9/10) of a service retirement allowance as computed in §
8-36-907
and as may be further reduced in accordance with part 5 of this chapter. Sections
8-36-124
and
8-36-209
shall not apply in determining any disability retirement benefit allowance payable under this section. The minimum disability retirement allowance, if applicable, shall be computed in accordance with §
8-36-909
.
Added by 2013 Tenn. Acts, ch. 259, s 1, eff. 7/1/2014.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-914 - Determining the retirement allowance payable to a deceased participant's surviving spouse

Sections
8-36-109(b)(1)(C)
and
8-36-123(a)(2)
shall not apply in determining the retirement allowance payable under §
8-36-109(b)
or under §
8-36-123(a)
to a deceased participant's surviving spouse, if any. Instead, the retirement allowance payable under such sections shall be reduced by an actuarially determined factor as set by the board from time to time.
Added by 2013 Tenn. Acts, ch. 259, s 1, eff. 7/1/2014.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-915 - Administration of the defined benefit component of the hybrid plan

Except as otherwise provided in this part, administration of the defined benefit component of the hybrid plan shall be governed by chapters 34-37 of this title and administration of the optional retirement program shall be governed by chapter 25; provided, however, that any reference in chapters 34-37 of this title to the eligibility requirements for an early or service retirement allowance under the hybrid plan shall for purposes of this part mean the eligibility requirements set forth in §§
8-36-906
and
8-36-910
. Any reference in chapters 34-37 of this title to the formula for computing an early or service retirement allowance, or for computing a disability retirement allowance under the hybrid plan shall for purposes of this part mean the applicable formula as set out in §§
8-36-907
- 8-36-909 and §§
8-36-911
- 8-36-913.
Amended by 2015 Tenn. Acts, ch. 118, s 9, eff. 4/10/2015.
Added by 2013 Tenn. Acts, ch. 259, s 1, eff. 7/1/2014.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-917 - Reemployment in a covered position

Except as otherwise provided in part 8 of this chapter, any retired participant who returns to service in a position covered by the retirement system shall have such participant's retirement allowance under the defined benefit component of the plan suspended while so employed. The participant shall be subject to §§
8-36-801
- 8-36-804; provided, however, that reemployment in a covered position shall have no effect on a payment under the defined contribution component of the plan.
Added by 2013 Tenn. Acts, ch. 259, s 1, eff. 7/1/2014.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-918 - Forfeiture of retirement benefits due to conviction of felony arising out of employment

(a)
Notwithstanding §
8-35-124
or any other law to the contrary, an employee or elected or appointed official of this state, an employee or elected or appointed official of any political subdivision thereof, or a teacher employed with a local education agency who is convicted in any state or federal court of a felony arising out of that employee's or official's employment or official capacity constituting malfeasance in office shall forfeit that person's retirement benefits under the defined benefit component of the plan.
(b)
Upon initial conviction, or upon a plea of guilty or nolo contendere, any person subject to this section shall:
(1)
Have the employee's or official's benefit stopped immediately, if the employee or official is receiving a benefit under the defined benefit component of the plan; and
(2)
Receive a refund of the employee contributions and interest credited to the employee's or official's account, less any benefits received, unless the person elected to have a monthly retirement allowance paid upon such person's death in accordance with subsection (e).
(c)
The employing agency is responsible for immediately notifying the administrator of the retirement system of the conviction of any person subject to this section.
(d)
In the event the conviction of such person is later overturned in any court and such person is acquitted, or is granted a full pardon, the person shall be restored to all rights, privileges and benefits as if the conviction had never occurred.
(e)
Any person convicted of a felony as provided in this section may elect, within six (6) months of the person's conviction, to have a monthly retirement allowance paid to whomever that person had designated as beneficiary on file with the retirement system at the time of that person's conviction; provided, that such beneficiary must have been that person's spouse or child at the time of that person's conviction. The amount of any allowance payable hereunder shall be equal to the retirement allowance which would have been payable under the defined benefit component of the plan had the person retired under an effective election of Option 1 as provided in part 6 of this chapter. The benefits shall be paid to such beneficiary following the person's death and upon meeting all other eligibility requirements applicable to a beneficiary.
Added by 2013 Tenn. Acts, ch. 259, s 1, eff. 7/1/2014.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-921 - Right of legislature to change hybrid plan on prospective basis

The general assembly shall have the right to freeze, suspend, or modify benefits, employee and employer contributions, plan terms, and design of the hybrid plan on a prospective basis through amendments to or repeals of chapters 34-37 of this title. Nothing under state law may confer to participants in the hybrid plan an implied right to future retirement benefit arrangements and such participants may not assert the indefinite continuation of the retirement formulas, contribution rates, eligibility ages, or any other provision of the plan; provided, however, that the actuarial value of accrued benefits earned by participants prior to the effective date of any such amendment or repeal shall remain an enforceable right and may not be reduced or otherwise forfeited except by the consent of the participant or in accordance with §
8-36-918
. Notwithstanding this section or any other law to the contrary, the cost-of-living provisions of §
8-36-701
shall not be deemed an accrued benefit and may be subject to change pursuant to this section and §
8-36-922
.
Added by 2013 Tenn. Acts, ch. 259, s 1, eff. 7/1/2014.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 36 - RETIREMENT BENEFITS (§§ 8-36-101 — 8-36-924) › Part 9 - HYBRID RETIREMENT PLAN FOR STATE EMPLOYEES AND TEACHERS (§§ 8-36-901 — 8-36-924) › Section 8-36-924 - Establishment of retirement credit for previous service

(a)
Any participant who previously served as a state employee or teacher whose membership in the retirement system was optional, but who elected not to participate, may establish retirement credit in the hybrid plan for the previous service pursuant to §
8-36-905
.
(b)
Any political subdivision employee participant who previously served in a position having optional membership in the retirement system, but who elected not to participate, may be eligible to establish retirement credit in the hybrid plan for the previous service pursuant to §
8-36-905
if the following conditions are met:
(1)
The political subdivision is a participating employer in the hybrid plan and the prior service was rendered to that political subdivision;
(2)
The chief legislative body of the political subdivision passes a resolution authorizing an actuarial study to determine the liability associated with the prior service, and accepting responsibility for the costs of the study; and
(3)
Following receipt of the actuarial study, the chief legislative body of the political subdivision passes a resolution authorizing the prior service and accepting the liability for the credit.
(c)
To establish credit under this section, a member must have at least one (1) year of current membership service or previous service established pursuant to chapter 35, part 2 of this title and must establish credit for all back service before such service is creditable, except as otherwise provided in chapters 34-37 of this title.
Amended by 2016 Tenn. Acts, ch. 962, s 43, eff. 4/27/2016.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-101 - Assets of system held in two funds

All of the assets of the retirement system shall be credited, according to the purpose for which they are held, between two (2) funds, namely, the members' fund and the state accumulation fund.
Acts 1972, ch. 814, § 8; T.C.A., § 8-3930.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-102 - Custodian of funds - Disbursements

(a)
The state treasurer shall be the custodian of the funds of the retirement system.
(b)
All payments from such funds shall be made by the state treasurer on warrants or vouchers issued and signed by such person as is designated by the board.
(c)
A duly attested copy of a resolution, if the board designating such person and bearing on its face the specimen signature of such person, shall be filed with the commissioner of finance and administration as the state treasurer's authority for issuing warrants upon such vouchers.
(d)
For the purpose of meeting disbursements for state annuities, member annuities, and other payments, there may be kept available cash, not exceeding ten percent (10%) of the total amount in the funds of the retirement system, on deposit in one (1) or more banks, savings and loan associations or trust companies in the state, organized under the laws of the state or of the United States, and qualified as state depositories.
Acts 1972, ch. 814, § 7; 1978, ch. 708, § 6.05; T.C.A., § 8-3929(4), (5).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-103 - Trustees of funds

The members of the board shall be the trustees of the funds created by chapters 34-37 of this title.
Acts 1972, ch. 814, § 7; T.C.A., § 8-3929(1).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-105 - Powers of fund trustees

Subject to the limitations in §
8-37-104
, the board, or its nominee, has full power to hold, purchase, sell, assign, transfer, or dispose of any of the securities or investments in which the funds created herein have been invested, including the purchasing and selling of stock options, as well as of the proceeds of such investments and any moneys belonging to such funds.
Acts 1972, ch. 814, § 7; T.C.A., § 8-3929(3).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-106 - Transaction of business - Nominees

All of the board's business shall be transacted, all of its funds invested, all warrants for money drawn, any payments made, and all of its cash and securities and other property shall be held:
(1)
In the name of the board;
(2)
In the name of its nominee; provided, that the nominee is authorized by retirement board resolution solely for the purpose of facilitating the transfer of securities and restricted to members of the board, or a partnership composed of any such members; or
(3)
For the account of the board or its nominee in such forms as are standard in the investment community for the timely transaction of business or ownership identification, such as book entry accounts.
Acts 1972, ch. 814, § 7; 1978, ch. 741, § 2; T.C.A., § 8-3929(1).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-107 - Personal interest in investments prohibited

Except as otherwise herein provided, no trustee and no employee of the board of trustees shall have any personal interest in the gains or profits of any investment made by the board; nor shall any trustee or employee of the board, directly or indirectly, for such trustee or employee or as an agent, in any manner for such trustee or employee or as an agent, in any manner use the same except to make such current and necessary payments as are authorized by the board; nor shall any trustee or employee of the board become an endorser or surety, or in any manner an obligor, for money loaned to or borrowed from the board.
Acts 1972, ch. 814, § 7; T.C.A., § 8-3929(6).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-108 - [Repealed]

Repealed by 2018 Tenn. Acts, ch. 805, s 2, eff. 4/24/2018.
Amended by 2015 Tenn. Acts, ch. 421, s 11, eff. 5/8/2015.
Amended by 2014 Tenn. Acts, ch. 659, Secs.s 33, s 34, s 35, s 36, s 37 eff. 4/10/2014.
Amended by 2013 Tenn. Acts, ch. 296, s 24, eff. 4/29/2013.
Acts 1972, ch. 814, § 7; 1978, ch. 741, § 3; T.C.A., § 8-3929(1), (2); Acts 1981, ch. 387, § 16; 1983, ch. 342, § 26; 2002, ch. 863, § 14.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-109 - [Repealed]

Repealed by 2018 Tenn. Acts, ch. 805, s 2, eff. 4/24/2018.
Amended by 2014 Tenn. Acts, ch. 659, Secs.s 38, s 39 eff. 4/10/2014.
Acts 1972, ch. 814, § 7; T.C.A., § 8-3929(3); Acts 1981, ch. 387, § 17; 2007 , ch. 184, § 17.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-110 - Delegation to treasurer of implementation of policy

(a)
Implementation of the policy established by the board of trustees may be delegated by the board to the state treasurer who shall put such policy into effect.
(b)
Subject to the delegation of the board of trustees, the state treasurer shall have full power to invest and reinvest such funds as are created by this chapter and chapters 34-36 of this title.
(c)
The investment committee for the board of trustees may cause the retirement system to divest, as expeditiously as possible, from an investment the system has with an entity found to be doing business with or supporting a country sanctioned by the office of foreign assets control. Any such divestment must be made in a manner consistent with §
35-14-107
, the prudent investor rule pursuant to §
35-14-103
, the standard of care pursuant to §
35-14-104
, and the applicable portions of the board of trustees' investment policy relative to asset allocations and investment strategy. The state treasurer shall report a divestment made pursuant to this section to the council on pensions.
Amended by 2022 Tenn. Acts, ch. 855, s 1, eff. 4/20/2022.
Acts 1972, ch. 814, § 7; T.C.A., § 8-3929(3); Acts 1981, ch. 387, § 18.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-111 - Outside investment counsel - Expenses

(a)
Any other law to the contrary notwithstanding, the board of trustees shall have the authority to employ outside investment counsel for advisory services.
(b)
The expenses of the fees charged by such investment counsel and any expense incurred under the authority of title 9, chapter 4, part 4, relative to the safekeeping and servicing of retirement system securities shall be charged to and paid from the earnings of the funds.
Acts 1972, ch. 814, § 7; T.C.A., § 8-3929(7); Acts 1981, ch. 387, § 19.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-112 - Assets - Exclusive purposes

The assets of the plan shall never inure to the benefit of an employer and shall be held for the exclusive purposes of providing benefits to members and their beneficiaries and defraying reasonable expenses of administering the plan.
Added by 2016 Tenn. Acts, ch. 605,s 12, eff. 3/17/2016.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-113 - Emerging investment managers as outside investment managers

(a)
In the event the board of trustees directs that outside investment managers be engaged to invest assets of the Tennessee consolidated retirement system, the board of trustees shall endeavor to use emerging investment managers to the greatest extent feasible within the bounds of financial and fiduciary prudence. Any such emerging investment manager must have at least five (5) years of professional investment experience in the asset class for which outside investment managers are being sought.
(b)
If the board of trustees directs that outside investment managers be engaged, the treasurer shall submit an annual statement to the general assembly regarding the use of emerging investment managers. The statement shall identify the emerging investment managers used by the board, the percentage of the system's assets under the investment control of emerging investment managers, and the actions undertaken to increase the use of emerging investment managers, including encouraging other investment managers to use emerging investment managers as subcontractors when the opportunity arises. Inclusion of such statement within the state treasurer's annual report to the general assembly shall satisfy this requirement.
(c)
As used in this section:
(1)
"Emerging investment manager" means a qualified investment adviser that manages an investment portfolio of at least ten million dollars ($10,000,000) but less than one hundred million dollars ($100,000,000) and is a minority-owned business;
(2)
"Minority-owned business" means a business concern which is at least fifty-one percent (51%) owned by one (1) or more minority persons, or in the case of a corporation, at least fifty-one percent (51%) of the stock of which is owned by one (1) or more minority persons; and the management and daily business operations of which are controlled by one (1) or more of the minority individuals who own it; and
(3)
"Minority person" means a person who is a citizen or lawful permanent resident of the United States and who is:
(A)
African American; or
(B)
Hispanic.
Acts 1994, ch. 876, § 1.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-114 - Authorization to contract for investment management services

(a)
Notwithstanding any other provision of the law to the contrary, the board of trustees is expressly authorized to contract for investment management services for the retirement system's foreign portfolios and for the retirement system's real estate portfolios. The board shall provide for the powers, duties, functions and compensation of any investment managers so engaged. Any contract for such investment management services shall be procured in the manner prescribed by the board. The board may authorize the system's investment consultant to initially evaluate and make recommendations regarding proposals submitted by investment managers. Personal services, professional services, consultant services, management of the foreign portfolios, and management of the real estate portfolios may be procured in such manner as prescribed by the board without regard to the requirements of former §
12-4-109
[see the Compiler's Notes], if the board determines that such services are necessary or desirable for the efficient administration of the retirement system's investment program, and provided such procurement method is approved by the council on pensions.
(b)
All expenses and fees incidental to such outside investment management shall be charged to and paid from the earnings of the funds.
Amended by 2021 Tenn. Acts, ch. 303, s 11, eff. 7/1/2021.
Acts 1995, ch. 164, § 13; 1999, ch. 79, § 12.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-115 - Entities for purpose of acquiring, holding title to, and collecting income from real property on behalf of retirement system - Authority to enter into agreements

(a)
The board of trustees is hereby authorized to create one (1) or more not-for-profit corporations, limited liability companies, limited liability partnerships, or trusts for the purpose of acquiring, holding title to, and collecting income from real property on behalf of the retirement system pursuant to §
8-37-104(a)(9)
. The board of trustees is further authorized to create one (1) or more not-for-profit corporations, limited liability companies, limited liability partnerships, or trusts for the purpose of acquiring, holding title to, and collecting income from private equity investments on behalf of the retirement system pursuant to §
8-37-104(a)(10)
.
(b)
The board of trustees is hereby authorized, at its discretion, to transfer funds of the retirement system to any organization created pursuant to this section for the payment of any costs or expenses incidental to the activities of the organization.
(c)
An organization created pursuant to this section may enter into such agreements as it may deem necessary or advisable in carrying out any purpose for which the organization was created. Any such agreement may contain terms and conditions determined by the board of trustees to be appropriate, including, but not limited to, indemnification, liquidated damages, warranties of title to real estate, and choice of law. Any such agreements authorized by this section shall be exempt from the requirements contained in title 12, chapters 3 and 4.
(d)
The attorney general and reporter or an assistant designated by the attorney general and reporter shall be the legal advisor of any organization created pursuant to this section. Notwithstanding any other law, in cases where the interest of such organization requires additional counsel to the attorney general and reporter, the chair of the organization, with the approval of the attorney general and reporter, is authorized to employ such additional counsel.
Amended by 2016 Tenn. Acts, ch. 962, s 55, eff. 4/27/2016.
Amended by 2014 Tenn. Acts, ch. 659, s 40, eff. 4/10/2014.
Acts 1999, ch. 79, § 13; 2000, ch. 871, §§ 3, 4; 2010 , ch. 777, § 38.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-116 - Bonds, notes and investment contracts - Issuance to state entities

(a)
The board of trustees has the power and authority to enter into investment contracts with, or to issue notes, bonds or other evidences of indebtedness to, any instrumentality of the state which is designated to invest funds received pursuant to the tobacco litigation master settlement agreement entered into by Tennessee and certain other states, United States territories and possessions, and participating tobacco manufacturers, dated November 23, 1998.
(b)
In exercising the authority granted in subsection (a), the board of trustees is authorized to enter into such arrangements under terms and conditions the board determines to be in the best interest of the retirement system. Any debt issued pursuant to this section shall not be invalid for any irregularity or defect in the proceedings for the issuance or sale thereof. Further, all obligations issued under this section shall be exempt from taxation by the state, or by any county, municipality or taxing district of the state.
(c)
Notwithstanding §
8-6-106
or other law to the contrary, the board may employ bond counsel, financial advisors, underwriters, and such other professionals deemed necessary to assist the board in the issuance, management and servicing of all debt issued by the board hereunder. Any professional so employed hereunder shall be paid such compensation as the board may deem just and such compensation may be paid out of the proceeds of any debt issued hereunder or from the assets of the retirement system. The board is further authorized to pay any or all costs or expenses incurred by the board relative to the issuance, management and servicing of any debt issued hereunder from the proceeds of any such debt or from other assets of the retirement system.
Acts 2000, ch. 871, § 5.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 1 - CUSTODY AND MANAGEMENT OF FUNDS-INVESTMENT (§§ 8-37-101 — 8-37-117) › Section 8-37-117 - Funds created by this chapter and chapters 34 through 36 deemed funds of retirement system

The funds created by this chapter and chapters 34-36 of this title shall be deemed to be the funds of the retirement system and not state funds.
Added by 2015 Tenn. Acts, ch. 421,s 12, eff. 5/8/2015.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 2 - MEMBERS' FUND (§§ 8-37-201 — 8-37-220) › Section 8-37-201 - Source of funds

The members' fund shall be a fund in which shall be accumulated the contributions deducted from the compensation of members to provide for their member annuities, together with any contributions of members and interest thereon transferred thereto from a superseded system.
Acts 1978, ch. 814, § 8; T.C.A., § 8-3930(1).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 2 - MEMBERS' FUND (§§ 8-37-201 — 8-37-220) › Section 8-37-204 - Certification of rate of contribution - Deduction of contribution from compensation by employer

The board of trustees shall certify to the commissioner of finance and administration and the state treasurer, in the case of any employee paid by warrants on the state treasurer, or to the department, institution, commission, board or agency by which the salary of any employee is paid, the proportion or percent to be deducted from the compensation of each member.
(1)
Such authority or officer shall cause to be deducted from the compensation of each member, on each and every payroll of such employer for each and every payroll period, the percentage of earnable compensation applicable to such member.
(2)
To facilitate the making of deductions, the authority or officer may modify the deduction required of any member by such an amount as shall not exceed one tenth of one percent (0.1%) of the annual earnable compensation upon the basis of which such deduction is made.
Acts 1972, ch. 814, § 8; T.C.A., § 8-3930(1).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 2 - MEMBERS' FUND (§§ 8-37-201 — 8-37-220) › Section 8-37-206 - Disposition of sums deducted - Records and reports

(a)
All sums deducted shall be transmitted to the state treasurer, and the state treasurer shall furnish the comptroller of the treasury, the commissioner of finance and administration and the board of trustees with a record of all such moneys.
(b)
The amounts deducted shall be reported to the board of trustees.
(c)
Each of such amounts, when deducted, shall be paid to the retirement system and credited to the individual account, in the members' fund, of the member from whose compensation the deduction was made.
Acts 1972, ch. 814, § 8; 1974, ch. 788, § 5; T.C.A., § 8-3930(1).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 2 - MEMBERS' FUND (§§ 8-37-201 — 8-37-220) › Section 8-37-207 - Contributions credited to individual accounts - Interest on contributions

Each contribution shall be credited, with interest thereon, to the individual account of the member from whose compensation the deduction was made.
Acts 1972, ch. 814, § 8; T.C.A., § 8-3930(1).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 2 - MEMBERS' FUND (§§ 8-37-201 — 8-37-220) › Section 8-37-208 - Consent to deductions as condition of membership

Every member shall be deemed to consent and agree to the deductions herein provided as a condition of membership.
Acts 1972, ch. 814, § 8; T.C.A., § 8-3930(1).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 2 - MEMBERS' FUND (§§ 8-37-201 — 8-37-220) › Section 8-37-209 - Effect of payroll deductions on minimum compensation

The deductions provided for herein shall be made, notwithstanding that the minimum compensation provided for by law for any member shall be reduced thereby.
Acts 1972, ch. 814, § 8; T.C.A., § 8-3930(1).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 2 - MEMBERS' FUND (§§ 8-37-201 — 8-37-220) › Section 8-37-210 - Right of withdrawal of accumulated contributions upon termination of employment or death prior to retirement

(a)
If a member other than a teacher is separated from service for reasons other than retirement or death, the amount of the member's accumulated contributions shall be paid to the member within ninety (90) days after the member's written request for such accumulated contributions.
(b)
Should a member cease to be a teacher except by death or retirement under chapters 34-37 of this title, the member shall be paid upon application, made not less than four (4) months following the member's cessation of service, the amount of the accumulated contributions standing to the credit of the member's individual account in the member's fund. Any teacher who provides documentation to the satisfaction of the board of trustees that the teacher has terminated employment, is not reemployed by any employer covered by the retirement system, and is no longer residing in this state, shall be paid the amount of such person's accumulated contributions within ninety (90) days after making application for such accumulated contributions. Any teacher who has been dismissed, and the employer certifies that dismissal occurred due to budgetary problems, shall be paid the amount of such person's accumulated contributions within ninety (90) days after making application. Any teacher employed and paid on a continuous twelve-month basis shall be paid such teacher's accumulated contributions within ninety (90) days after such teacher's written request for such accumulated contributions.
(c)
Distribution of a member's benefit must begin by the required beginning date, which is April 1 of the calendar year following the calendar year in which the member attains age seventy and one-half (701/2) or age seventy-two (72) if the member was born on or after July 1, 1949, as such age is extended or otherwise modified by the Internal Revenue Code or the regulations promulgated thereunder, or April 1 of the calendar year following the calendar year in which the member terminates, whichever is later. If a member fails to apply for retirement benefits by the later of either of those dates, the board shall begin distribution of the monthly benefit as required by this section in the applicable form provided in §
8-36-206
.
Amended by 2021 Tenn. Acts, ch. 251, s 4, eff. 4/28/2021.
Amended by 2016 Tenn. Acts, ch. 605, s 13, eff. 3/17/2016.
Acts 1972, ch. 814, § 5; 1973, ch. 347, § 19; T.C.A., § 8-3921(a); Acts 1981, ch. 387, § 20; 1983, ch. 342, § 22; 1987, ch. 54, § 13; 1994, ch. 710, § 4.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Chapter 37 - RETIREMENT-FINANCING AND FUNDS (§§ 8-37-101 — 8-37-601) › Part 2 - MEMBERS' FUND (§§ 8-37-201 — 8-37-220) › Section 8-37-211 - Return of accumulated contributions to terminated CETA employees

Notwithstanding any provisions to the contrary in §
8-37-210
, §
8-37-212
or chapter 35, part 1 of this title, in cases where employer contributions have been refunded on behalf of CETA employees, the employee contributions will be refunded to the member.
Acts 1978, ch. 741, § 1; T.C.A., § 8-3930(2).