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2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3425 - Refund upon cessation of membership

Should a member cease to be an employee before being eligible for retirement as set out in §§ 8-3501 - 8-3505 on a retirement allowance exceeding one hundred twenty dollars ($120) per annum, otherwise than by death or by retirement under the provisions of chapters 34 to 36, inclusive, of this title, he shall be paid upon filing an application for refund, as soon as practicable within ninety (90) days thereafter, the amount of his contributions together with such proportion of the regular interest credited thereon as the board may allow; provided, however, that no interest shall be payable if separation occurs within five (5) years from the date the employee became a member of the system.
Acts 1947, ch. 231, § 14; C. Supp. 1950, § 1034.78 (Williams, § 1034.50); Acts 1951, ch. 69, § 2; 1957, ch. 373, § 15; 1959, ch. 123, § 3; 1963, ch. 363, § 5; 1965, ch. 345, § 5.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3426 - Refund on death of member - Beneficiary - Death in line of duty

Should a member die at any time before retirement, the amount of his accumulated contributions, plus interest as provided in § 8-3425, shall be paid to such beneficiary, if any, as he shall have nominated by written designation, signed and acknowledged by such member before some person authorized to take acknowledgments, and filed with the board; otherwise to his executor or administrator. Any beneficiary so designated may be changed by written designation, signed, acknowledged and filed as aforesaid. In the event of marriage, divorce or remarriage of a member the designated beneficiary is automatically canceled. Thereafter, the member may rename a beneficiary. Provided, that if the amount payable shall be two hundred fifty dollars ($250) or less, it may within the discretion of the board be paid to the next of kin in the absence of a beneficiary, executor or administrator. In addition, should the board find, in the case of a commissioned member of the department of safety that the member's death was the natural and proximate result of an accident or was occasioned as the direct result of physical violence against his person occurring while the member was in the actual performance of his duty, a pension equal to one-half (1/2) of his average compensation shall be paid to his widow to continue during her widowhood; or, if there be no widow or if she dies or remarries, then to his unmarried child or children under age eighteen (18) until the youngest of such children attains said age; or, if there be no such widow or children upon his death, to his father or to his mother, payable until remarriage or death. In addition, should the board find in the case of a commissioned member of the department of safety that the member has become permanently and totally disabled from an injury which was the natural and proximate result of an accident or which was occasioned as the direct result of physical violence against his person occurring while the member was in the actual performance of his duties, regardless of the time of the injury, he shall receive, in addition to any other pensions or disability allowances he may receive, a pension of one-half (1/2) of his average compensation for so long as he is permanently and totally disabled. Provided, however, that the disability allowance established by this section shall be reduced in an amount equal to the amount, if any, by which the total of state payments to the disabled person exceeds eighty-five per cent (85%) of the compensation which he received for his services to the state at the time the disability occurred.
Acts 1947, ch. 231, § 14; C. Supp. 1950, § 1034.78 (Williams, § 1034.50); Acts 1951, ch. 69, § 2; 1955, ch. 192, § 5; 1957, ch. 373, § 16; 1967, ch. 347, § 5; 1972 (Adj. S.), ch. 563, § 1.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3427 - Adoption of experience tables

The board shall cause an investigation to be made of the mortality, service and salary experience of state employees on the basis of which it shall adopt such mortality and service tables for state employees as are necessary for the administration and carrying on of the retirement system. On the basis of such tables the board shall prescribe the rates of contributions payable by employers pursuant to the provisions of this chapter and chapter 35 of this title.
Acts 1947, ch. 231, § 4; C. Supp. 1950, § 1034.68 (Williams, § 1034.40); Acts 1957, ch. 373, § 3.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3428 - Revision of experience tables and rates

At least once in each two (2) year period, after the establishment of the retirement system, the board shall cause an actuarial investigation to be made of the mortality, service and salary experience of the members of the retirement system and an evaluation of the funds under its control. Pursuant to such investigations and evaluations the board shall, from time to time, revise the mortality and service tables and the rates of contributions prescribed pursuant thereto.
Acts 1947, ch. 231, § 4; C. Supp. 1950, § 1034.68 (Williams, § 1034.40); Acts 1957, ch. 373, § 3.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3429 - Employees' fund

After the time mentioned in § 8-3452, the employees' fund shall be a fund to which shall be credited all contributions made by members and from which shall be paid the members' contributions with interest upon separation from service prior to retirement. Upon retirement the amount of the member's accumulated contributions plus interest shall be transferred to the accumulation fund.
Acts 1947, ch. 231, § 15; C. Supp. 1950, § 1034.79 (Williams, § 1034.51); Acts 1957, ch. 373, § 18; 1971, ch. 423, § 1.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3430 - Commencement of deductions

Any employee who qualifies for membership in the retirement system under §§ 8-3410, 8-3412, and 8-3413 may elect, on or after July 1, 1947, to become a member of the system, at which time payroll deductions shall begin, such contributions to be credited to such member's account. Anything in §§ 8-3429 - 8-3437, to the contrary notwithstanding, on or after July 1, 1961, the rate of contribution of any member who is a commissioned member of the department of safety shall be eleven and seventy-three hundredths per cent (11.73%) of such member's compensation.
Acts 1947, ch. 231, § 15; C. Supp. 1950, § 1034.79 (Williams, § 1034.51); modified; Acts 1955, ch. 192, § 7; 1961, ch. 341, § 1.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3432 - Deductions from pay authorized

The deduction provided for herein shall be made notwithstanding that the minimum compensation provided by law for any member shall be reduced thereby. Every member shall be deemed to consent and agree to the deductions made as provided herein; and payment of salary or compensation, less said deductions, shall be a full and complete discharge of all claims for service rendered by such person during the period covered by such payments, except as to benefits provided by chapters 34 to 36, inclusive of this title.
An amount equal to the taxes under the Federal Insurance Contributions Act payable by a class A member for the period beginning January 1, 1956, and ending on the date coverage under the Social Security Act is extended to such members shall be deducted from amounts credited to such member in the employee's fund, but should the account of a member, who became a class A member after September 30, 1957, but who occupied a position on said date to which Social Security coverage was extended, be reduced thereby to an amount which is less than the amount which would have been standing to his credit had he become a class A member on said date, such difference shall be paid by the member in a lump sum prior to September 30, 1959.
Acts 1947, ch. 231, § 15; C. Supp. 1950, § 1034.79 (Williams, § 1034.51); Acts 1957, ch. 373, § 23; 1959, ch. 123, § 2.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3433 - Maximum pay on which contributions based

The maximum rate of compensation to be considered for the purposes of chapters 34 to 36, inclusive, of this title, shall be four thousand two hundred dollars ($4,200), and no deductions nor allowances shall be computed on any compensation in excess of four thousand two hundred dollars ($4,200) per annum. The provisions of this section shall not apply to commissioned members of the department of safety, to firemen and policemen employed by political subdivisions that are covered under the Tennessee state retirement system, or to the commissioned members of the enforcement and field services division of the game and fish commission.
Acts 1947, ch. 231, § 15; C. Supp. 1950, § 1034.79 (Williams, § 1034.51); Acts 1955, ch. 192, § 6; 1965, ch. 345, § 6; 1968 (Adj. S.), ch. 514, § 3; 1968 (Adj. S.), ch. 632, § 3.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3434 - Computation of amounts deductible

After the time mentioned in § 8-3452, in determining the amount earned by a member in a payroll period the board may consider the rate of compensation payable to such member on the first day of the payroll period as continuing throughout such payroll period and it may omit deduction from compensation for any period less than a full payroll period if an employee was not a member on the first day of the payroll period.
Until such time as this section becomes effective as provided in § 8-3452, § 8-3434 of the Tennessee Code as enacted by chapter 6 of the Public Acts of 1955, prior to amendment, shall remain in full force and effect.
Acts 1947, ch. 231, § 15; C. Supp. 1950, § 1034.79 (Williams, § 1034.51); Acts 1957, ch. 373, § 22.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3435 - Deductions for prior service contributions

Any member who has a prior service certificate in full force and effect, in addition to the deduction in § 8-3431, shall have deducted from his payroll compensation such portion or percentage as the board may designate, of his compensation for the next preceding payroll period of equal length of time as the current payroll period. Preceding payroll period for prior service shall begin with the last period a member was employed immediately before the member began to contribute to the retirement system, and shall proceed backward until all contributions for prior service have been made, or until withdrawal from the service, or until retirement, or until death of such member. Upon retirement of a member with prior service, where all contributions have not been made, there shall be deducted from each monthly retirement allowance of said member such portion or percentage as the board may designate of the compensation for the next preceding month for which contribution has not been made and such deductions shall continue until all contributions for prior service have been made, or until death; or in case of settlement by some other method as may be determined by the board, then the board shall determine the time of payment of any unpaid contributions. A member may elect to pay contributions for prior service in one (1) lump sum, or in more than one monthly payment.
Acts 1947, ch. 231, § 15; C. Supp. 1950, § 1034.79 (Williams, § 1034.51).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3436 - Certification and deduction of employees' contributions

After the time mentioned in § 8-3452, the board shall certify to the commissioner of finance and administration and state treasurer in the case of any state employee paid by warrants on the state treasurer, or to the department, institution, commission, board or agency by which the salary of any state employee is paid, the proportion or per centum to be deducted from the compensation of each member and the commissioner of finance and administration, state treasurer, department, institution, board, agency of employer, as the case may be, shall cause to be deducted from the salary of each member on each and every payroll for each and every payroll period the proportion of the members' compensation so certified, but in no case shall any deduction be made from the compensation of a class B member or class C member who has attained his minimum service retirement age or period, if such member elected not to contribute. All sums deducted shall be transmitted to the state treasurer, and the state treasurer shall furnish the comptroller, the commissioner of finance and administration, and the board with a record of all such moneys. Provided further, that with the approval of the board, that persons who work under the supervision of the state, but whose compensation is paid from sources other than state funds by persons or organizations not a part of the state government may be granted membership in this system. Monthly contributions from members so accepted shall be paid directly to the system through the state treasurer.
Until such time as this section becomes effective as provided in § 8-3452, § 8-3436 of the Tennessee Code as enacted by chapter 6 of the Public Acts of 1957, prior to amendment, shall remain in full force and effect.
Acts 1947, ch. 231, § 15; 1949, ch. 144, § 5; C. Supp. 1950, § 1034.79 (Williams, § 1034.51); Acts 1957, ch. 373, § 20; impl. am. Acts 1959, ch. 9, § 3; 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 RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3437 - Credit for contributions

After the time mentioned in § 8-3452, each deduction provided for in §§ 8-3429 - 8-3436 shall be credited, together with regular interest thereon, to the individual account of the member from whose compensation the deduction was made. The total of all amounts deducted with interest shall be known as such member's accumulated contributions.
Until such time as this section becomes effective as provided in § 8-3452, § 8-3437 of the Tennessee Code as enacted by chapter 6 of the Public Acts of 1955, prior to amendment, shall remain in full force and effect.
Acts 1947, ch. 231, § 1; C. Supp. 1950, § 1034.79 (Williams, § 1034.51); Acts 1957, ch. 373, § 21.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3438 - Computation of employer's contribution

Effective July 1, 1949, there shall be paid into the accumulation fund, by the employer, on account of each member for each payroll period, an amount equal to such percentage of the compensation for current service of all members as may be determined on the basis of the actuarial evaluation set forth in §§ 8-3427, 8-3428, to be known as the employer's "current service" contribution and an additional amount equal to a percentage as may be determined, of the compensation for prior services of those members having prior service credits to be known as the employer's "prior service" contribution. In addition, each employer other than the state shall pay a pro rata share of the cost of the administration of the retirement system, based upon the payroll of the employees. Such payments shall be made by the employer at the same time as the employee's contribution is forwarded to the state treasurer. The rate per cent of such contribution shall be fixed by the board on the basis of the liabilities of the retirement system as shown by actuarial valuation. During the period over which the prior service contribution is payable the current service contribution rate shall be the uniform and constant percentage of the earned compensation of the average new entrant which if contributed on the basis of his compensation throughout his entire period of active service would be sufficient to provide for the payment of any benefit payable from the employers' contributions on his account. After the prior service contribution has ceased to be payable, the current service contribution rate shall be the rate per centum of the earned compensation of all members obtained by deducting from the present value of benefits payable from employers' contributions the amount of the funds in hand in the accumulation fund and dividing the remainder by one per cent (1%) of the present value of the prospective future salaries of all members. Until changed by the board the prior service contributions rate shall be four and eight one-hundredths per cent (4.08%).
Acts 1947, ch. 231, § 16; C. Supp. 1950, § 1034.80 (Williams, § 1034.52); Acts 1957, ch. 373, § 24; 1961, ch. 186, § 3; 1971, ch. 423, § 2.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3439 - Payment of contributions by public agencies other than the state

In the event that the compensation received by an employee is reimbursed to the state by a federal or other public agency, the employer's contribution may be paid by said federal or public agency.
Acts 1947, ch. 231, § 16; C. Supp. 1950, § 1034.80 (Williams, § 1034.52); Acts 1957, ch. 373, § 25.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3440 - Transfer of accumulated contributions - Accumulation fund

The "accumulation fund" shall be the fund in which the contributions of the employers shall be accumulated, to which shall be credited all amounts transferred from the employees' fund upon a member's retirement, and against which shall be charged all benefits paid on account of retired members. If a retired member is restored to service as an employee prior to his normal retirement date, the actuarial equivalent of the benefit provided by his accumulated contributions shall be transferred to the employees' fund.
Acts 1947, ch. 231, § 17; C. Supp. 1950, § 1034.81 (Williams, § 1034.53); Acts 1957, ch. 373, §§ 26, 27; impl. am. Acts 1959, ch. 9, § 3; Acts 1961, ch. 186, § 4; 1971, ch. 423, § 3.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3441 - Expense fund

The expense fund shall be the fund from which shall be paid all costs of administering chapters 34 to 36, inclusive, of this title, and shall be paid by the departments, institutions, commissions, boards, or agencies participating in the retirement system, and on a pro rata basis of the number of employees from said departments, institutions, commissions, boards or agencies participating in the retirement system. The board shall notify the head of each department, institution, commission, board, or agency, prior to July 1st for each year of the amount required for carrying out the administration of chapters 34 to 36, inclusive, of this title and said department, institution, commission, board or agency shall be authorized and shall make available to the board for the expense fund such funds as may be necessary for the administration of the retirement system.
Acts 1947, ch. 231, § 18; mod. C. Supp. 1950, § 1034.82 (Williams, § 1034.54).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3442 - Investment of funds

The board shall be the trustee of the several funds created by this chapter and shall have full power to invest and reinvest all funds, except the expense funds, subject to the limitation that no investment shall be made except, upon the exercise of bona fide discretion, 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, provided that the total sum invested in common and preferred stocks cannot exceed fifty per cent (50%) of the total of the several trust funds of the state retirement system. Subject to such limitations, the board shall have full power to hold, purchase, sell, assign, transfer, or dispose of any of the securities or investments in which any of the funds created herein have been invested, as well as of the proceeds, of such investments and any moneys belonging to said funds.
Acts 1947, ch. 231, § 19; C. Supp. 1950, § 1034.83 (Williams, § 1034.55); Acts 1959, ch. 123, § 4; 1963, ch. 363, § 7; 1969, ch. 177, § 1.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3443 - Interest credited to funds

The board shall allow to each fund of the retirement system regular interest on the average amount credited for the preceding year to each fund, with the exception of the expense fund, from the interest and dividends earned from investments. The regular interest shall be at such rate, compounded annually, as shall be determined by the board on the basis of the interest earnings of the retirement system for the preceding year and of the probable earnings to be made in the judgment of the board, during the immediate future. Until changed by the board the regular rate of interest shall be three per cent (3%) per annum.
Acts 1947, ch. 231, § 19; C. Supp. 1950, § 1034.83 (Williams, § 1034.55); Acts 1957, ch. 373, § 28.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3444 - Disbursements from funds

The state treasurer shall be the custodian of the several trust funds of the retirement system. All payments from said funds shall be made by him on warrants or vouchers issued and signed by such person as is designated by the board. A duly attested copy of a resolution of the board designating such person and bearing on its face the specimen signature of such person shall be filed with the director of accounts as his authority for issuing warrants upon such vouchers. No voucher shall be drawn unless it has previously been authorized by resolution of the board.
Acts 1947, ch. 231, § 19; C. Supp. 1950, § 1034.83 (Williams, § 1034.55).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3445 - Funds deposited in banks

For the purpose of meeting disbursements for retirement allowances and other payments there may be kept available sufficient cash on deposit to the credit of the state treasurer in one or more banks or trust companies located in Tennessee, organized under the laws of Tennessee or of the United States, and qualified as state depositories.
Acts 1947, ch. 231, § 19; C. Supp. 1950, § 1034.83 (Williams, § 1034.55).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3446 - Personal interest of board members and employees prohibited

No member of the board and no employee 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 such member may be a member or beneficiary of the retirement system, and no member of the board shall receive, directly or indirectly, any pay or emolument for his services except as expressly provided in this chapter. No member of the board or employee thereof shall, directly or indirectly, for himself or as an agent, in any manner use the funds or deposits of the retirement system, except to make such payments therefrom as are authorized by the board, nor shall any member or employee of the board become an indorser or surety or in any manner an obligor for moneys loaned by or borrowed from the board.
Acts 1947, ch. 231, § 19; C. Supp. 1950, § 1034.83 (Williams, § 1034.55).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3447 - Amendment of provisions

Every provision of chapters 34 to 36, inclusive, of this title, shall be subject to amendment or repeal by any future session of the general assembly, provided that no such amendment or repeal shall diminish or annul, in any respect, any right acquired by a member or beneficiary under the provisions of chapters 34 to 36, inclusive, of this title or with respect to any fund derived from contributions made by members of the retirement system from its date of establishment.
Acts 1947, ch. 231, § 25; C. Supp. 1950, § 1034.89 (Williams, § 1034.61).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3448 - Estimate of appropriations required

At least thirty (30) days prior to each regular session of the general assembly the board shall certify to the governor the estimated amounts each department, institution, commission, board or agency will have to make available in order to meet the provisions of this chapter during the biennium next following. The amounts so ascertained shall be included in the appropriation bill for the various departments, institutions, commissions, boards and agencies belonging to the retirement system, and the state treasurer shall make said funds available to the board as set out in §§ 8-3429 - 8-3437.
Acts 1947, ch. 231, § 20; C. Supp. 1950, § 1034.84 (Williams, § 1034.56).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3449 - Availability of funds

Each department, institution, commission, board or agency of the state is authorized to make available, for each biennium, such funds as are necessary to meet the provisions of this chapter.
Acts 1947, ch. 231, § 21; C. Supp. 1950, § 1034.85 (Williams, § 1034.57).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3450 - Penalty for frauds

Any person who shall knowingly make any false statement, or shall falsify or permit to be falsified any record or records of the retirement system, in any attempt to defraud such system, shall be guilty of a misdemeanor and upon conviction thereof shall be punished accordingly.
Acts 1947, ch. 231, § 22; C. Supp. 1950, § 1034.86 (Williams, § 1034.58).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3451 - Enrolment of employees not previously eligible or who have withdrawn

Any other provision of law to the contrary notwithstanding, from March 29, 1957 to December 31, 1957, opportunity to enroll or reenroll in the retirement system with credit for prior service together with service from July 1, 1947, to date of entrance shall be afforded each employee who did not enroll in the system, or who enrolled and has withdrawn his membership or who at the time of the establishment of the system was ineligible, but under provisions of chapters 34 to 36, inclusive, of this title is now eligible, by making application to the board and paying contributions in the amount of that made by a member receiving equal compensation who began contributing when the system was established together with compound interest thereon at the rate of five per cent (5%) per annum. Such contributions may be paid in a lump sum or prorated over a period of time not to exceed two (2) years. Any employee desiring to make such deferred contributions may have the same deducted in equal monthly instalments from his or her salary, in addition to deductions for current instalments. Provided that no person given credit after January 1, 1950, for prior service shall be entitled to retirement hereunder until all unpaid contributions due from such member shall have been paid in full and until the amount due therefor from the employer has been appropriated and paid in to the retirement system. Such appropriation shall be determined on the basis of the first actuarial valuation of the retirement system to be performed after December 31, 1957, and shall be an addition to the regular contribution for current service and prior service for the biennium beginning July 1, 1959, as provided by law.
Acts 1957, ch. 373, § 29.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3452 - Certain provisions of the 1957 amendment not effective until approval by referendum and specification of date by governor

The provisions of subsections (f), (j), (
l
), (m) and (n) of § 8-3401 and §§ 8-3425, 8-3426, 8-3429, 8-3431, 8-3432, 8-3434, 8-3436, 8-3437, 8-3501 - 8-3503, 8-3506, 8-3507, 8-3510, and 8-3513 as amended by chapter 373 of the Public Acts of 1957 shall not become effective until a date specified by the governor after he shall have certified that a majority of the members who have elected class A membership shall have voted in a referendum as required by § 218(d) of the Social Security Act, to be covered by the terms of that act, provided that the provisions of § 8-3503 shall not become effective with respect to class A members until such date.
Whenever eligibility for federal social security coverage is extended to new classes of persons in the employ of the state or political subdivisions thereof, the governor is empowered to order and have conducted any supplemental referendum which may be necessary to comply with § 218(d) of the Social Security Act to effectuate coverage of such persons as class A members hereunder.
Acts 1957, ch. 373, § 32; 1959, ch. 123, § 7.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3453 - Actuarial soundness of retirement systems for state employees - Definitions

As used in §§ 8-3453 - 8-3457, the following words and phrases, unless a different meaning is plainly required by the context, shall have the following meaning:
(A)
"Retirement system" or "system" means any retirement system established by an employer, which is the state of Tennessee or any of its political subdivisions, for the benefit of its employees, or, as the context requires, the written provisions of such system.
(B)
"Normal contribution" means the actuarially determined amount which would be required to be paid by the employer to the retirement system at the end of the system's fiscal year to maintain the system if it had been in effect from the beginning of service of each person then included in the system and if such costs for prior years had been paid and all relevant actuarial assumptions, such as interest, mortality, and time of payment, had been fulfilled, reduced by any amount attributable to overfunding the system in prior years, whether such overfunding is on account of any actual experience more favorable than that assumed in prior years or otherwise, taking proper account of employee contributions.
(C)
"Unfunded past service liability" means the actuarially determined amount which would be required to be paid by the employer to the retirement system at the end of the system's fiscal year to meet all the future benefits provided under the system which would not be met by the sum of future normal contributions, future employee contributions and funds actually in the system as of such date.
(D)
"Minimum actuarial level" means that the contributions to a retirement system are equal to the sum of normal contribution and five per cent (5%) of unfunded past service liability.
(E)
"Contributions" means the total amount paid to the retirement system by the employer and its employees. Whenever a report of contributions is required by this act, the portions of the amount attributable to employers and employees shall be separately stated.
(F)
"Retirement board" means the person or persons charged with the administration of a retirement system.
Acts 1961, ch. 332, § 1; 1965, ch. 254, § 1.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3454 - Biennial reports to state comptroller

Each retirement board shall, biennially, within six (6) months after the close of the system's most recent fiscal year make one of the following reports to the state comptroller; either (A) or (B) as follows:
(A)
A report in such manner, detail, and form as prescribed by the state comptroller containing:
(1)
Sufficient data to enable an actuary retained by the comptroller to determine the system's minimum actuarial level for said fiscal year and the two (2) succeeding fiscal years;
(2)
Contributions for said fiscal year; and
(3)
Contributions to be made in each of the two (2) succeeding fiscal years, or sufficient data to enable such contributions to be actuarially computed.
(B)
A report which includes the following:
(1)
An actuarial valuation report, certified to by an accredited consulting actuary as to normal cost, past service liabilities and the reasonableness and soundness of actuarial assumptions and principles used by said actuary;
(2)
Contributions for said fiscal year; and
(3)
Contributions to be made in each of the two (2) succeeding fiscal years, or sufficient data to enable such contributions to be actuarially computed.
Each report shall include a copy of that retirement system as amended if not previously furnished to the state comptroller under this or a predecessor act, and any amendments since the last report.
Acts 1961, ch. 332, § 2; 1965, ch. 254, § 2.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › ADMINISTRATION OF RETIREMENT SYSTEM (§§ 8-3401 — 8-3456) › Section 8-3455 - Employer contributions - Minimum actuarial level - Annual rate increase to maintain - State comptroller reports

(A)
Employer contributions to a retirement system which is at least at the minimum actuarial level shall be maintained at least at that level. Employer contributions to a retirement system which is not at least at minimum actuarial level shall be increased from year to year by increasing the rate at which annual employer contributions are determined by at least five per cent (5%) each year until the system reaches minimum actuarial level.
(B)
The state comptroller shall, on the basis of the reports submitted in accordance with § 8-3454 and assisted by an accredited consulting actuary, as deemed necessary, determine whether a retirement system is in compliance with this section.
(C)
The state comptroller shall make a report of the status, as to compliance with §§ 8-3453 - 8-3455, of retirement systems to the governor and to the general assembly before June 30, 1967, and such reports thereafter as he deems necessary or desirable.
Acts 1961, ch. 332, § 3; 1965, ch. 254, § 3.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › RETIREMENT OF STATE EMPLOYEES (§§ 8-3501 — 8-3518) › Section 8-3504 - Amount of retirement allowance

After entering upon participation in benefits established under the retirement system as provided in §§ 8-3501 - 8-3503, a member shall receive during the remainder of his life an annual retirement allowance, payable monthly in equal instalments ceasing with the last instalment due prior to death, in an amount equal to such per cent of his average compensation as shall be determined by the board on the basis of the last actuarial evaluation made as set forth in §§ 8-3427 and 8-3428, multiplied by the total number of years of his current and certified prior service, except that in the case of any member who is a commissioned member of the department of safety, such per cent shall be not less than two per cent (2%). In all cases where any member's compensation has included maintenance or housing the board may fix the value of the same in money and add it to the compensation paid in money when determining such member's average compensation.
No member shall be granted retirement allowance in excess of three-fourths (3/4) of his average compensation.
The minimum monthly retirement allowance payable to any class A member or any class B member presently retired, or who shall hereafter retire, shall be four dollars and thirty-four cents ($4.34) for the class A member and five dollars ($5.00) for the class B member, multiplied by the total number of years of his creditable service in either instance.
Any political subdivision which participates in this system may elect, by ordinance or resolution, to provide that the amount of retirement allowance for its firemen and policemen shall be not less than two and one-half per cent (21/2%) of their average compensation multiplied by the total number of years of their current and certified prior service. Any political subdivision making such an election shall make a special accrued liability contribution in an amount as determined by an actuarial valuation in the same manner and form as prescribed for initial contributions in § 8-3604.
Acts 1947, ch. 231, § 11; 1949, ch. 144, § 3; C. Supp. 1950, § 1034.75 (Williams, § 1034.47); Acts 1955, ch. 192, § 2; 1970 (Adj. S.), ch. 376, § 1; 1971, ch. 253, § 2.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › RETIREMENT OF STATE EMPLOYEES (§§ 8-3501 — 8-3518) › Section 8-3505 - Allowance on compulsory retirement

Any person who is a member of the retirement system, who is retired under § 8-3503, shall participate in benefits of the system, regardless of aggregate number of years of service. Retirement allowances shall be computed as is set forth in § 8-3504.
Acts 1947, ch. 231, § 11; 1949, ch. 144, § 3; C. Supp. 1950, § 1034.75 (Williams, § 1034.47).
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › RETIREMENT OF STATE EMPLOYEES (§§ 8-3501 — 8-3518) › Section 8-3506 - Disability retirement

After the time mentioned in § 8-3452, any class B or class C member who has five (5) or more years of creditable service, and any class A member who has ten (10) or more years of creditable service of which at least five (5) years are consecutive years of service immediately preceding termination of service on account of disability, upon the application of the head of the department, institution, commission, board or agency in which said employee is employed, or upon his own application, with the approval of the head of such department, institution, commission, board or agency, within not less than thirty (30) nor more than ninety (90) days next following the date of filing such application, may retire on a disability retirement allowance, provided that the medical panel, after a medical examination of such member, shall certify that such member is mentally or physically incapacitated for further performance of duty, and that such incapacity is likely to be permanent, and that such member should be retired.
Any political subdivision which participates in this system may elect, by ordinance or resolution, to provide that the number of years of creditable service required for disability retirement of its firemen and policemen may be reduced from ten (10) to five (5) and that the required number of years of consecutive service immediately preceding termination of service on account of disability may be reduced from five (5) to two (2). Any political subdivision making such an election shall make a special accrued liability contribution in an amount as determined by an actuarial valuation in the same manner and form as prescribed for initial contributions in § 8-3604.
Until such time as this section becomes effective as provided in § 8-3452, § 8-3506 of the Tennessee Code as enacted by chapter 6 of Public Acts of 1955, prior to amendment, shall remain in full force and effect.
Acts 1947, ch. 231, § 12; C. Supp. 1950, § 1034.76 (Williams, § 1034.48); Acts 1957, ch. 373, § 10; 1971, ch. 253, § 3.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › RETIREMENT OF STATE EMPLOYEES (§§ 8-3501 — 8-3518) › Section 8-3508 - Periodical medical examinations - Income statements after disability retirement

All persons granted a disability retirement allowance shall undergo such examination, from time to time, as the board or medical panel may designate and any disability beneficiary who has not yet attained his minimum service retirement age and time, who refuses to submit to such examination, shall forfeit his right to draw any retirement allowance and the same shall be discontinued. A member retired on a disability retirement allowance shall submit to the board, for such period as the board may require, sworn statements of all income for labor, services or employment performed by such member during the time of said member's disability retirement.
Acts 1947, ch. 231, § 12; C. Supp. 1950, § 1034.76 (Williams, § 1034.48); Acts 1957, ch. 373, § 12.
2023 Tennessee Code › Title 8 - PUBLIC OFFICERS AND EMPLOYEES (§§ 8-1-101 — 65-168) › Appendix - SUPERSEDED RETIREMENT SYSTEMS (§§ 8-107 — 65-168) › STATE RETIREMENT SYSTEM (§§ 8-3401 — 8-3706) › RETIREMENT OF STATE EMPLOYEES (§§ 8-3501 — 8-3518) › Section 8-3509 - Adjustment of disability allowance for earnings

Whenever the board shall find that any disability beneficiary is engaged in or is able to engage in gainful occupation or work paying more than the difference between his disability retirement allowance and his average compensation, the board shall reduce his disability retirement allowance so that such allowance plus the amount earned by him, equals the amount of his average compensation. Should the earning capacity of any beneficiary be changed the board may further modify the amount of his disability retirement allowance so as to prevent such allowance plus the amount earned by the beneficiary from exceeding the amount of his average compensation.
Acts 1947, ch. 231, § 12; C. Supp. 1950, § 1034.76 (Williams, § 1034.48); Acts 1957, ch. 373, § 13.