reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1520 - Members' contributions account - Source

The members' contributions account shall be the account in which shall be accumulated contributions from the compensation of members to provide for their teacher annuities. Contributions to and payments from the members' contributions account shall be made as set forth in §§ 49-1521 - 49-1526.
Acts 1945, ch. 29, § 8; C. Supp. 1950, § 2540.8 (Williams, § 2524.8); Acts 1961, ch. 62, § 5.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1522 - Collection of members' contributions

The collection of members' contributions shall be as follows:
Each employer shall cause to be deducted on each and every payroll of a member the contributions payable by such member as provided in this chapter, and the employer shall draw his warrant for the amount so deducted, payable to the Tennessee teachers' retirement system, and shall transmit the same, together with schedule of the contributions, on such forms as may be prescribed.
Acts 1945, ch. 29, § 8; C. Supp. 1950, § 2540.8 (Williams, § 2524.8).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1523 - Contributions during leave of absence

Subject to the approval of the board of trustees, any member who is on leave of absence on account of military service or for any other purpose which might tend to increase the efficiency of the service of the member to his or her employer, may make monthly contributions to the retirement system on the basis of the salary or wage such member was receiving at the time such leave of absence was granted.
Acts 1945, ch. 29, § 8; C. Supp. 1950, § 2540.8 (Williams, § 2524.8).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1524 - Return of contributions on cessation of membership

Should a member cease to be a teacher, except by death or retirement under the provisions of this chapter, he shall be paid upon application made not less than four (4) months following his cessation of service the amount of the accumulated contributions standing to the credit of his individual account in the members' contributions account. Should a member die before retirement, the amount of his accumulated contributions standing to the credit of his individual account shall be paid to his estate or to such person as he shall have nominated by written designation, duly executed and filed with the board of trustees; provided, that such member has not made an optional election which has become effective.
Acts 1945, ch. 29, § 5; C. Supp. 1950, § 2540.5 (Williams, § 2524.5); Acts 1957, ch. 87, § 10; 1959, ch. 122, § 4; 1961, ch. 62, § 7.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1525 - Redeposit of withdrawn contributions

In addition to the contributions deducted from compensation as hereinbefore provided, subject to the approval of the board of trustees, any member may redeposit in the members' contributions account by a single payment an amount equal to the total amount which he previously withdrew therefrom as provided in this chapter. Such amounts so deposited shall become a part of his accumulated contributions in the same manner as if said contributions had not been withdrawn.
Acts 1945, ch. 29, § 8; C. Supp. 1950, § 2540.8 (Williams, § 2524.8); Acts 1961, ch. 62, § 8; 1967, ch. 251, § 10.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1526 - Transfers from members' contributions account to accumulation account

Upon the retirement of a member, the amount of his accumulated contributions standing to the credit of his individual account in the members' contributions account shall be transferred to the accumulation account.
Acts 1945, ch. 29, § 8; C. Supp. 1950, § 2540.8 (Williams, § 2524.8); Acts 1961, ch. 62, § 9; 1971, ch. 152, § 4.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1527 - Accumulation account

The accumulation account shall be the account in which shall be accumulated the reserves for the payment of that part of all retirement allowances and other benefits not provided by the members' accumulated contributions, to which upon retirement a members' accumulated contributions shall be transferred and from which shall be paid all retirement allowances and other benefits. Contributions to the accumulation account shall be made as set forth in sections 49-1528 - 49-1531. Should a beneficiary retired on account of disability or service retirement be restored to active service prior to age sixty (60) with a compensation not less than his average final compensation at the time of his last retirement his teacher annuity reserve shall be transferred from the accumulation account to the members' contributions account and credited to his individual account therein.
Acts 1945, ch. 29, § 8; 1947, ch. 112, § 1; C. Supp. 1950, § 2540.8 (Williams, § 2524.8); Acts 1961, ch. 62, § 10; 1971, ch. 152, § 5.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1528 - Annual payment of state contributions

On account of each member there shall be paid annually in the accumulation account by the state treasurer for the preceding fiscal year an amount equal to a certain percentage of the earnable compensation of each member to be known as "normal contribution," and an additional amount equal to a percentage of his earnable compensation to be known as the "accrued liability contribution." The rate per centum of such contributions shall be fixed on the basis of the liabilities of the retirement system as shown by actuarial valuation.
Acts 1945, ch. 29, § 8; 1947, ch. 112, § 1; C. Supp. 1950, § 2540.8 (Williams, § 2524.8); modified; Acts 1961, ch. 62, § 11; 1971, ch. 152, § 6.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1529 - Normal rate of state contributions

On the basis of regular interest and of such mortality and other tables as shall be adopted by the board of trustees, the actuary engaged by the board to make each valuation required by this chapter during the period over which the accrued liability contribution is payable, immediately after making such valuation, shall determine the uniform and constant percentage of the earnable compensation of the average new entrant throughout his entire period of active service which would be sufficient to provide for the payment of any state annuity on his account. The rate per centum so determined shall be known as the "normal contribution rate." After the accrued liability contribution has ceased to be payable, the normal contribution rate shall be the rate per centum of the earnable compensation of all members obtained by deducting from the total liabilities of the accumulation account the amount of the funds in hand to the credit of that account and dividing the remainder by one per cent (1%) of the present value of the prospective future earnable compensation of all members as computed on the basis of the mortality and service tables adopted by the board of trustees and regular interest. The normal rate of contribution shall be determined by the actuary after each valuation.
Acts 1945, ch. 29, § 8; 1947, ch. 112, § 1; C. Supp. 1950, § 2540.8 (Williams, § 2524.8); Acts 1961, ch. 62, § 12; 1971, ch. 152, § 7.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1530 - Accrued liability contribution rate

Immediately succeeding the next valuation the actuary engaged by the board of trustees shall compute the rate per cent of the total annual earnable compensation of all members which is equivalent to four per cent (4%) of the amount of the total state annuity liability on account of all members and beneficiaries which is not dischargeable by the funds in hand standing to the credit of the accumulation account and the aforesaid normal contributions to be made on account of such members during the remainder of their active service. The rate per cent originally so determined, or as thereafter determined on the basis of actuarial valuation and certified by the board of trustees as a rate of contribution sufficient to discharge said amount prior to July 1, 1995, shall be known as the "accrued liability contribution" rate.
Acts 1945, ch. 29, § 8; 1947, ch. 112, § 1; C. Supp. 1950, § 2540.8 (Williams, § 2524.8); Acts 1955, ch. 153, § 5; 1961, ch. 62, § 13; 1971, ch. 152, § 8.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1531 - Amount payable annually by state

The total amount payable in each year to the accumulation account shall be not less than the sum of the rate per cent known as the normal contribution rate and the accrued liability contribution rate of the total compensation earnable by all members during the preceding year.
The accrued liability contribution shall be discontinued as soon as the accumulated reserve in the accumulation account shall equal to the present value, as actuarily computed and approved by the board of trustees, of the total liability of such fund less the present value, computed on the basis of the normal contribution rate then in force, of the prospective normal contributions to be received on account of all persons who are at the time members.
Acts 1945, ch. 29, § 8; 1947, ch. 112, § 1; C. Supp. 1950, § 2540.8 (Williams, § 2524.8); Acts 1955, ch. 153, § 5; 1961, ch. 62, § 13; 1971, ch. 152, § 9.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1534 - Payment of state's contribution

The state's contribution shall be made as follows:
On or before the first day of January, next preceding each regular meeting of the general assembly of Tennessee, the board of trustees shall certify the percentage of normal contributions, the percentage of the accrued liability contribution, and the expense account contribution to the state budget director. The state budget director shall include in the budget an appropriation for the retirement system in an amount equal to such percentage of the part of earnable compensation of its teachers who are members of the retirement system, the amount of the accrued liability and the expense account contribution, and such amounts shall be appropriated and when appropriated paid to the board of trustees annually. The state commissioner of education in his estimate submitted to the governor and general assembly of the funds necessary for the operation of the school system shall include a request for an appropriation for the retirement system in amount equal to such amounts. The general assembly shall make appropriations to the board of trustees sufficient to provide such amounts. The commissioner of finance and administration shall issue his warrant to the state treasurer, directing the state treasurer to pay the amounts appropriated to the board of trustees for the retirement system.
Notwithstanding any other provisions of this chapter or any other statute, amounts equal to the taxes under the Federal Insurance Contributions Act payable by the state in behalf of class A members for the period beginning January 1, 1956 and ending June 30, 1959, shall be paid from funds heretofore or hereafter appropriated for the Tennessee teachers' retirement system for such period. This provision shall not be extended or otherwise deemed effective with respect to such appropriations for any period subsequent to June 30, 1959, except such amount as is necessary to pay the employers' share of the social security cost for those who transfer from class B to class A subsequent to June 28, 1957 and prior to June 30, 1959, in accordance with § 49-1509 shall be paid from the teacher retirement appropriation for the biennium ending June 30, 1961, but not thereafter.
Acts 1945, ch. 29, § 8; 1947, ch. 111, § 2; C. Supp. 1950, § 2540.8 (Williams, § 2524.8); Acts 1957, ch. 87, § 11; impl. am. Acts 1959, ch. 9, § 3; Acts 1959, ch. 122, § 5; 1961, ch. 62, § 15; impl. am. Acts 1961, ch. 97, § 3.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1535 - Payment of allotted funds into accumulation account

Notwithstanding any other provisions of this or any other law, until the accrued liability of the retirement system has been funded in its entirety, any portion of the funds heretofore or hereafter appropriated to the retirement system for any fiscal year, unallotted to any of the accounts above enumerated or any excess funds contained in any such appropriation arising from any cause whatsoever, shall be allotted by the accounts section of the department of finance and administration into the accumulation account for the funding of said accrued liability.
Acts 1947, ch. 111, § 1; C. Supp. 1950, § 2540.8 (Williams, § 2524.8); 1961, ch. 62, § 16; impl. am. Acts 1961, ch. 97, § 3; 1971, ch. 152, § 10.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1536 - Management and investment of funds

The board of trustees shall be the trustee of the several funds created by this chapter as provided in § 49-1519, and shall have full power to invest and reinvest such funds, provided that such funds shall be invested only in general obligations of the United States government, in general obligations of the state of Tennessee, or in general direct obligations of Tennessee counties and municipalities that have not been in default on either principal or interest on their obligations within five (5) full years next preceding the date of the investment; provided, further, that, subject to like limitations, said trustees shall have full power to hold, purchase, sell, transfer, and dispose of any of the securities and investments in which any of the funds created herein shall have been invested, as well as the proceeds of said investments and any moneys belonging to said funds. Provided, however, that the board of trustees is hereby authorized to delegate the herein mentioned powers to purchase, sell, transfer or dispose of any of the securities and investments to the state treasurer.
The board may also invest its funds in revenue bonds of municipalities, where the aggregate earnings of the utility against which such revenue bonds be issued, available for debt service, for the twelve (12) months immediately preceding such purchase, have been at least one and one-third (11/3) times the maximum annual requirement for such debt service.
The board may also invest its funds in corporate bonds and debentures rated "A" or higher by two (2) nationally recognized statistical services approved by the board of trustees, or in corporate bonds and debentures approved by the Tennessee department of insurance and banking.
The board may also invest its funds in common and preferred stocks rated "A" or higher by a nationally recognized statistical service approved by the board of trustees, provided that the new investments in such stocks in any fiscal year shall be not more than four per cent (4%) of the total value of all investments at the beginning of that fiscal year, and further provided that when the total book value of the investment in stock shall have reached twenty per cent (20%) of the total value of all investments, no further investment in such stocks shall be made until the ratio of the value of stocks to the total value of all investments shall fall below twenty per cent (20%). The board may also invest funds in securities which at the time of making the investment are, by statute, permitted for the investment of reserves of any domestic life insurance companies.
Acts 1945, ch. 29, § 7; 1949, ch. 132, § 7; C. Supp. 1950, § 2540.7 (Williams, § 2524.7); Acts 1955, ch. 153, § 4; 1965, ch. 170, § 5; 1967, ch. 251, § 11.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1537 - Interest rate used in calculations

The board of trustees shall determine from time to time the rate of regular interest for use in all calculations. Such rate shall be limited to a minimum of three per cent (3%) and a maximum of six per cent (6%), with the former rate applicable until changed by the board. Increases in the regular rate of interest shall be made by the board only when justified by corresponding increases in earnings of interest and dividends.
Acts 1945, ch. 29, § 7; C. Supp. 1950, § 2540.7 (Williams, § 2524.7); Acts 1963, ch. 185, § 1.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1538 - Crediting of interest and dividends

All interest and dividends earned on the funds of the retirement system shall be credited to the accumulation account. Once each year the board of trustees shall transfer from the accumulation account to the members' contributions account an amount sufficient to allow regular interest on the balance of the individual accounts of teachers.
Acts 1945, ch. 29, § 8; 1947, ch. 112, § 1; C. Supp. 1950, § 2540.8 (Williams, § 2524.8); Acts 1961, ch. 62, § 17; 1971, ch. 152, § 15.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1539 - Treasurer as custodian of accounts - Cash on hand

The state treasurer shall be the custodian of the several accounts. He shall furnish the board a bond, the amount to be fixed by the board and approved by the governor. All payments from the said accounts shall be made by him only upon vouchers signed by two (2) persons designated by the board of trustees.
For the purpose of meeting disbursements for state annuities, teacher annuities, and other payments there may be kept available cash, not exceeding ten per cent (10%) of the total amount in the several accounts of the retirement system on deposit with the state treasurer.
Acts 1945, ch. 29, § 7; C. Supp. 1950, § 2540.7 (Williams, § 2524.7); Acts 1961, ch. 62, § 18.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1543 - Service retirement

(a)
Any member who files an executed written application to the board of trustees shall be entitled to receive a service retirement allowance to commence on his effective date of retirement, provided that as of such date:
(1)
He shall have been in service upon or after attaining age sixty (60), or
(2)
He shall have reached age sixty (60) and completed at least ten (10) years of creditable service, or four (4) years of creditable service for any member in an institution of higher learning, or
(3)
He shall have completed at least thirty (30) years of creditable service. Such member shall designate his effective date of retirement in his application to the board. His effective date of retirement can be any date within ninety (90) days before or after the date his application is filed with the board, provided such effective date of retirement follows the date of his separation from service.
(b)
Any member who has attained the age of sixty-five (65) years shall be retired at the end of the school year unless the employer requests such person to remain in the service, and notice of this request is given in writing to the board of trustees within thirty (30) days prior to the end of the year.
(c)
Any member who has attained the age of seventy (70) years shall be retired forthwith; provided, that with the approval of his employer he may remain in service until the end of the school year following the date on which he attains the age of seventy (70) years.
Acts 1945, ch. 29, § 5; 1949, ch. 33, § 1; C. Supp. 1950, § 2540.5 (Williams, § 2524.5); Acts 1959, ch. 122, § 6; 1963, ch. 250, § 2; 1965, ch. 170, § 6; 1967, ch. 251, § 13.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1545 - Disability retirement

Upon the application of a member in service or of his employer, any member who has had ten (10) or more years of creditable service may be retired by the board of trustees, not less than thirty (30) and not more than ninety (90) days next following the date of filing such application, on a disability retirement allowance. Provided, that the medical board, after a medicial examination of such member, shall certify that such member is mentally or physically incapacitated for the further performance of duty, that such incapacity is likely to be permanent, and that such member should be retired.
Acts 1945, ch. 29, § 5; C. Supp. 1950, § 2540.5 (Williams, § 2524.5).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1547 - Reexamination after disability retirement

Once each year following retirement of a member on a disability retirement allowance, the board of trustees may, and upon his application shall, require any disability beneficiary who has not yet attained the age of sixty (60) years to undergo a medical examination, such examination to be made at the place of residence of said beneficiary or other place mutually agreed upon, by a physician or physicians designated by the board of trustees. Should any disability beneficiary who has not yet attained the age of sixty (60) years refuse to submit to at least one (1) medical examination in any such year by a physician or physicians designated by the board of trustees, his state annuity may be discontinued until his withdrawal of such refusal, and should his refusal continue for one (1) year, all his right in and to his state annuity may be revoked by the board of trustees.
Acts 1945, ch. 29, § 5; C. Supp. 1950, § 2540.5 (Williams, § 2524.5).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1548 - Reduction of disability allowance because of ability to engage in gainful occupation

Should the medical board report and certify to the board of trustees that such disability beneficiary is engaged in or is able to engage in a gainful occupation, paying more than the difference between his retirement allowance and his average final compensation, and should the board of trustees concur in such report, then the amount of his state annuity shall be reduced to an amount which, together with his teacher annuity and the amount earnable by him, shall equal the amount of his average final compensation. Should his earning capacity be later changed, the amount of his state annuity may be further modified; provided, that the new state annuity shall not exceed the amount of the state annuity originally granted nor an amount which, when added to the amount earnable by the beneficiary together with his teacher annuity, equals the amount of his average final compensation. A beneficiary restored to active service at a salary less than the average final compensation shall not become a member of the retirement system.
Acts 1945, ch. 29, § 5; C. Supp. 1950, § 2540.5 (Williams, § 2524.5).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1551 - Benefits allowable on military service

Any teacher who on or after July 1, 1945, was a member of the armed forces or other organization designated in § 49-1517, during a period of national emergency mentioned therein, shall, at the time of retirement, be entitled to have his accumulated contributions increased by the contributions he would have made, on the basis of the salary received by him during his first year of teaching service after his return thereto, for the period ensuing until the date of his honorable discharge, together with regular interest to the date of his retirement, and he shall be entitled to a state annuity equal to the additional teacher annuity thereby provided. The cost of such additional annuities shall be provided by an increase in the accrued liability contribution otherwise required under the provisions of §§ 49-1527 - 49-1531.
Acts 1947, ch. 112, § 1; C. Supp. 1950, § 2540.4 (Williams, § 2524.4).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1554 - Final payment where options not selected - Adjustment of retirement allowances for social security benefits

(1)
Upon the death of a member retiring under the provisions of §§ 49-1543 through 49-1549, who did not select any of the options enumerated in § 49-1553, any balance of his accumulated contributions, at the time of his retirement, remaining after deductions of the total retirement benefits received by him shall be paid to his designated beneficiary, or if no beneficiary is specified, to the executor or administrator of his estate; provided, however, that if the amount payable shall be two hundred and fifty dollars ($250) or less, it may be paid to the next of kin in the absence of designation of a beneficiary. Upon the death of the survivor of a member retiring under the provisions of §§ 49-1543 through 49-1549, and the person nominated by him under either option two or option three, any excess of the member's accumulated contributions, at the time of his retirement, over the sum of the retirement benefits received by him and such designated person, shall be paid to the designated beneficiary of the last to survive of such member and designated person, or if no beneficiary is specified, to the executor or administrator of the estate of the last to survive; provided, however, that if the amount payable shall be two hundred fifty dollars ($250) or less, it may be paid to the next of kin of the last to survive in the absence of the designation of a beneficiary. Upon the death of a retired member or the person nominated by him under one (1) of the options enumerated in § 49-1553, the full monthly amount shall be paid for the month in which death occurred.
(2)
Until the first payment on account of any retirement allowance becomes normally due, any class A member may elect to convert the allowance otherwise payable on his account after retirement into a retirement allowance of equivalent actuarial value of such amount that, with his benefit under title II of the federal Social Security Act, he will receive, so far as possible, approximately the same amount per year before and after the commencement of such benefit.
(3)
Until the first payment on account of any retirement allowance becomes normally due, any transfer class A member who retires prior to the attainment of age sixty-five (65) may elect to convert the allowance otherwise payable on his account after retirement into a level retirement allowance before and after age sixty-five (65) of equivalent actuarial value.
Acts 1947, ch. 112, § 1; C. Supp. 1950, § 2540.5 (Williams, § 2524.5); Acts 1957, ch. 87, § 21; 1965, ch. 170, § 11.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1555 - Separation from service after ten years of service - Leaving contributions in account

Any member having ten (10) or more years of creditable service, or four (4) or more years of creditable service for any member in an institution of higher learning who is separated from service may, in lieu of receiving the payment under § 49-1524 leave such payment in the members' contributions account until he has attained age sixty (60), at which time he shall be entitled to receive a retirement allowance calculated in the same manner as provided in § 49-1544.
Acts 1961, ch. 62, § 28; 1963, ch. 250, § 6; 1967, ch. 251, § 19.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1557 - Annual appropriation

There is appropriated from the state treasury the sum of one million, nine hundred seventy-five thousand dollars ($1,975,000) annually for the purpose of carrying out the provisions of this chapter.
Acts 1945, ch. 29, § 14; 1947, ch. 112, § 1; 1949, ch. 33, § 1; mod. C. Supp. 1950, § 2540.14 (Williams, § 2524.14).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1558 - Benefits exempt from taxation and execution - Unassignable

The right of a person to a state annuity, or teacher annuity, or a retirement allowance, to the return of contributions, the state annuity, the teacher annuity or retirement allowance itself, any optional benefit or any other right accrued or accruing to any person under the provisions of this chapter, and the moneys in the various funds created by this chapter, are hereby exempt from any state or municipal tax and exempt from levy and sale, garnishment, attachment, or any other process whatsoever, and shall be unassignable except as in this chapter specifically otherwise provided.
Acts 1945, ch. 29, § 10; C. Supp. 1950, § 2540.10 (Williams, § 2524.10).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1559 - Penalty for fraud - Correction of errors

Any person who shall knowingly make any false statement or shall falsify or permit to be falsified any record or records of this retirement system in an attempt to defraud such system as a result of such act shall be guilty of a misdemeanor, and on conviction thereof by any court of competent jurisdiction, shall be punished by a fine not exceeding five hundred dollars ($500), or imprisonment in the county jail not exceeding twelve (12) months, or both such fine and imprisonment, at the discretion of the court. Should any change or error in the records result in any member or beneficiary receiving from the retirement system more or less than he would have been entitled to receive had the records been correct, the board of trustees shall correct such error and, as far as practicable, shall adjust the payment in such a manner that the actuarial equivalent of the benefit to which such member was correctly entitled shall be paid.
Acts 1945, ch. 29, § 11; C. Supp. 1950, § 2540.11 (Williams, § 2524.11).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1560 - Other retirement laws inapplicable

No other provision of law in any other statute which provides wholly or partly at the expense of the state of Tennessee for pensions, or retirement benefits for teachers of said state, their widows or other dependents, shall apply to members or beneficiaries of the retirement system established by this chapter, their widows, or other dependents, except such benefits as shall be provided by Title II of the Federal Social Security Act.
Acts 1945, ch. 29, § 12; mod. C. Supp. 1950, § 2540.12 (Williams, § 2524.12); Acts 1957, ch. 87, § 22.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1561 - Adjustment of allowance

Effective July 1, 1970, and each succeeding July 1, the total monthly service or disability retirement allowance rate paid for the month of June, 1969, to any member retired prior to July 1, 1969, shall be increased by one and one-half per cent (11/2%) of such monthly allowance rate for each year that the member has been retired, but the aggregate of such monthly increments to any retired member's allowance shall not exceed thirty per cent (30%) of his June, 1969, monthly service retirement allowance rate if he retired prior to July 1, 1969.
Acts 1969, ch. 148, §§ 2, 4; Acts 1970 (Adj. S.), ch. 408, § 1; 1971, ch. 326, § 1.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE TEACHERS' RETIREMENT SYSTEM (§§ 49-1501 — 49-1563) › Section 49-1562 - Suspension of allowance

A retired member or beneficiary may, for personal reasons and without disclosure thereof, apply to the board of trustees to suspend for any period payment of all or any part of the allowance otherwise payable to him under the provisions of the Tennessee state teachers' retirement system. The board, on receipt of such application, shall provide the applicant with a form to be completed and returned to the board and upon receipt thereof, the board shall authorize such suspension, in which event the retired member or beneficiary shall be considered to have forfeited all rights to the amount of allowance so suspended but shall retain the right to have the full allowance otherwise payable to him reinstated as to future monthly payments upon written notice to the board of his desire to revoke his prior request for a suspension under this section.
Acts 1969, ch. 148, § 3.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › PUBLIC SERVICE COMMISSIONERS' RETIREMENT FUND (§§ 65-151 — 65-168) › Section 65-151 - Public Service Commissioners' Retirement Act - Short title

Sections 65-151 - 65-168 shall be known and cited as the "Public Service Commissioners' Retirement Act of 1969."
Acts 1969, ch. 231, § 1.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › PUBLIC SERVICE COMMISSIONERS' RETIREMENT FUND (§§ 65-151 — 65-168) › Section 65-153 - Disability retirement

Any commissioner having ten (10) or more years of service and becoming disabled may, upon complying with other applicable requirements set out in §§ 65-151 - 65-168, apply for disability retirement and be retired under the provisions of this section and shall thereupon be entitled to receive, during the remainder of his life, a disability pension. The amount of any disability pension shall be determined in the same manner as a "normal retirement benefit" in accordance with § 65-152(g). Any commissioner who receives any disability retirement benefits under the provisions of this section shall not thereafter be eligible to continue in the same term of office as a commissioner. For the purposes of §§ 65-151 - 65-168 "disabled" or "disability" shall mean a permanent physical or mental disablement occurring during the term of office of a commissioner which, in the sole discretion of the governor of the state of Tennessee, prevents such commissioner from performing his duties as a commissioner.
Acts 1969, ch. 231, § 2.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › PUBLIC SERVICE COMMISSIONERS' RETIREMENT FUND (§§ 65-151 — 65-168) › Section 65-154 - Certification of intention to retire - Application for retirement

Any commissioner who elects to retire under the provisions of §§ 65-151 - 65-168 either during or at the expiration of the term of office then held by him, and who has complied with the other retirement requisites of said sections shall certify to the governor of the state at least sixty (60) days prior to the date upon which he desires to relinquish his office his intention to retire, and shall at the same time forward to the governor his application for retirement, stating the time at which he wishes to retire. Provided, however, that any commissioner defeated for reelection shall file with the governor of the state within sixty (60) days after his successor has been duly qualified and assumed the duties of the office an application for retirement under the provisions of said sections. Upon approval by the governor of the application for retirement, the governor shall forward to the board of trustees of the public service commissioners' retirement system, as hereinafter established, the application of the commissioner and shall request the board to process the retirement application in accordance with the provisions of § 65-155.
Acts 1969, ch. 231, § 3.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › PUBLIC SERVICE COMMISSIONERS' RETIREMENT FUND (§§ 65-151 — 65-168) › Section 65-155 - Contents of application for retirement - Verification of facts by trustees - Authorization of payment of benefits

The certificate of intention of a commissioner to retire and the application therefor shall be in writing, addressed to the governor and shall set out the facts pertaining to the service by such commissioner as a member of the Tennessee public service commission, together with any other service as defined by § 65-152(b), the period or periods of time embraced by all such service, and his age. The board of trustees of the public service commissioners' retirement system, as hereinafter established, shall verify the facts and determine if all applicable requirements pertaining to the application for retirement are met and the board of trustees shall indorse the application accordingly and file the application in the division of retirement. The board of trustees shall thereafter authorize payment of benefits to which the retired commissioner is entitled under the provisions of §§ 65-151 - 65-168.
Acts 1969, ch. 231, § 4.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › PUBLIC SERVICE COMMISSIONERS' RETIREMENT FUND (§§ 65-151 — 65-168) › Section 65-156 - Board of trustees - Ex officio members - Officers - Quorum

A board of trustees is hereby established which shall be responsible for the proper administration and operation of the public service commissioners' retirement system provided by §§ 65-151 - 65-168.
Such board of trustees shall have as members the chairman of the public service commission or any member of the public service commission designated by him, the state treasurer, the comptroller of the treasury, the commissioner of finance and administration and one (1) member appointed by the governor. The state treasurer shall be chairman of the board. The board shall elect one of its members as vice chairman. A majority of the members of the board shall constitute a quorum, and all action taken by the board shall be by affirmative vote of a majority of all members of the board.
1969, ch. 231, § 5.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › PUBLIC SERVICE COMMISSIONERS' RETIREMENT FUND (§§ 65-151 — 65-168) › Section 65-157 - Assistance of division of retirement - Legal advisor

All personnel required by the board in the administration of the public service commissioners' retirement system shall be provided by the division of retirement in the office of the treasurer of the state of Tennessee and all administrative duties shall be performed by and all administrative records shall be maintained by the said division of retirement. The attorney general of the state of Tennessee or an assistant designated by him shall act as legal advisor and attorney for the board.
Acts 1969, ch. 231, § 5.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › PUBLIC SERVICE COMMISSIONERS' RETIREMENT FUND (§§ 65-151 — 65-168) › Section 65-158 - Powers of board - Service without compensation - Reimbursement for expenses - Immunity for good faith actions

Subject to the administrative duties reserved by state law to the state treasurer with respect to all state retirement systems, the board of trustees shall have complete control of the administration of the public service commissioners' retirement system, subject to the provisions of §§ 65-151 - 65-168, with all powers necessary to enable it to carry out properly its duties in that respect. The members of the board shall serve without compensation as board members but shall be reimbursed for actual expenses incurred by them in the performance of their duties. The board shall be fully protected with respect to any action taken or suffered by the board in good faith and reliance upon any table, valuation, certificate, report, advice or opinion furnished by any consultant or actuary, opinions given by the state attorney general or an assistant thereof, or the advice of any qualified investment consultant, and all action so taken or suffered by the board shall be conclusive upon each member of the board and upon all commissioners or persons interested in the public service commissioners' retirement system.
Acts 1969, ch. 231, § 5.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › PUBLIC SERVICE COMMISSIONERS' RETIREMENT FUND (§§ 65-151 — 65-168) › Section 65-159 - No liability for good faith investments

The board shall not be liable for the making, retention, or sale of any investment or reinvestment made by it nor for the loss to or diminution of the fund, except due to its own gross negligence, willfull misconduct, or bad faith.
Acts 1969, ch. 231, § 5.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › PUBLIC SERVICE COMMISSIONERS' RETIREMENT FUND (§§ 65-151 — 65-168) › Section 65-160 - Interest of trustees in investments prohibited - Unauthorized emoluments prohibited - Improper use of funds

No member of the board shall have an interest, direct or indirect, in the gains or profits of any investment made by the board, save insofar as any member may be a commissioner participating in the public service commissioners' retirement system, and no member of the board shall receive, directly or indirectly, any payment or emolument for his services except as expressly provided in §§ 65-151 - 65-168. No member of the board shall, directly or indirectly, for himself or an agent, in any manner use the funds or deposits of the public service commissioners' retirement system, except to make such payments therefrom as are authorized by the board, nor shall any member become an indorser or surety or in any manner an obligor for moneys loaned by or borrowed from the board.
Acts 1969, ch. 231, § 5.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › PUBLIC SERVICE COMMISSIONERS' RETIREMENT FUND (§§ 65-151 — 65-168) › Section 65-161 - Public service commissioners' retirement fund - Sources - Transfers of funds - Administration and use of funds

For the purpose of providing funds necessary under the public service commissioners' retirement system and in order to make such system actuarially sound and solvent there is hereby created and established a public service commissioners' retirement fund, to be composed of:
(1)
contributions paid by any commissioner with respect to prior service, or transferred from any other retirement system in the manner prescribed by § 65-152(b) and/or § 65-166;
(2)
paid by the commissioners with respect to future service as prescribed by § 65-166;
(3)
an amount equal to the sum of the employer's contribution made by the state of Tennessee to the state retirement fund as an incident to the contributions made to such fund by any commissioner who elects to come within the provisions of §§ 65-151 - 65-168, which moneys are hereby transferred and made a part of the public service commissioners' retirement system, any provisions of this Code to the contrary notwithstanding;
(4)
any and all moneys appropriated to the public service commissioners' retirement system by the provisions of § 65-163 or by any further act making such appropriations, and
(5)
the income from the investment or reinvestment of said fund in the manner prescribed by § 65-163. The fund shall be administered and utilized as a trust fund and shall be used for the purpose of providing benefits in accordance with the provisions of the public service commissioners' retirement system as established by §§ 65-151 - 65-168, and shall be the means of financing benefits and financing expenses of administering the fund by the board in accordance with the provisions of said sections.
Acts 1969, ch. 231, § 5.