Accumulated contributions: means the sum of all the amounts deducted from the compensation of a member, together with any amount transferred to the account of the member established pursuant to chapters 34-37 of this title from the respective account of the member under one (1) or more of the superseded systems, with interest thereon, as provided in §. See Tennessee Code 8-34-101
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Employer: means : (A) The state or any department, commission, institution, board or agency of the state government by which a member is paid, with respect to members in its employ. See Tennessee Code 8-34-101
Member: means any person included in the membership of the retirement system, as provided in chapter 35, part 1 of this title. See Tennessee Code 8-34-101
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Retirement: means withdrawal from membership with a retirement allowance granted under chapters 34-37 of this title. See Tennessee Code 8-34-101
Retirement system: means the Tennessee consolidated retirement system as defined in §. See Tennessee Code 8-34-101
Service: means service as a general employee, a teacher, a state police officer, a wildlife officer, a firefighter, a police officer, a state judge, a county judge, an attorney general, a commissioner or a county official which is paid for by an employer, and also includes service for which a former member of the general assembly is entitled to under former §. See Tennessee Code 8-34-101
Superseded system: means , where applicable, the Tennessee state retirement system, the Tennessee teachers' retirement system, the Tennessee judges' retirement system, the retirement system for county paid judges of Tennessee, the attorneys general retirement system of Tennessee, the public service commissioners' retirement system, and the Tennessee retirement system for county officials, any one (1) of them, or any combination thereof. See Tennessee Code 8-34-101
(1) Notwithstanding any other provisions to the contrary in chapters 34-37 of this title, any teacher who is a member of any local teacher retirement plan shall be eligible to transfer membership into the Tennessee consolidated retirement system as a Class A member whenever a local board of education administering such plan provides in such plan for such transfer or the employer authorizes such transfer by resolution. The election to transfer membership into the Tennessee consolidated retirement system is optional to each teacher in the local system. Upon election of such option, the teacher shall be given credit for the teacher annuity for the same number of years that the teacher was a member of the local retirement plan; provided, that the local retirement plan or the employer, or a combination thereof, shall transfer to this retirement system a sum of money equal to the accumulated contributions the teacher would have had, had the teacher been a contributing member of this system the entire period of such teacher’s membership in the local retirement plan, which period of time shall begin no earlier than the time of the establishment of this system. A county or municipality shall have the right to issue obligations as defined in § 9-21-105, under the Local Government Public Obligations Act of 1986, to provide funding to meet any requirements or expense of a local government under this subsection (a); provided, that any obligation issued pursuant to this subsection (a) shall mature in five (5) years or less.(2)Board of Commissioners Administering Plan. Notwithstanding any other provisions to the contrary in chapters 34-37 of this title, any teacher who is a member of any local retirement plan shall be eligible to transfer membership into the Tennessee consolidated retirement system as a Class A member whenever a board of commissioners administering such plan provides in such plan for such transfer. The teacher shall be given credit for the teacher’s annuity for the same number of years that the teacher was a member of the local retirement plan; provided, that the local retirement plan shall transfer to this retirement system a sum of money equal to the accumulated contributions the teacher would have had, had the teacher been a contributing member of this system or the superseded system the entire period of membership in the local retirement plan, which period of time shall begin no earlier than the time of establishment of the superseded Tennessee teachers’ retirement system.(b) Neither the state of Tennessee nor the Tennessee consolidated retirement system shall, as a result of a transfer under this section, be liable for benefits beyond those benefits otherwise provided for other members of the Tennessee consolidated retirement system, nor shall the state or the Tennessee consolidated retirement system assume or incur any liability for any impairment, interruption, or diminution of the rights and privileges of any teacher which may result from a transfer under this section.(c) If a teacher transfers from such local retirement plan to this retirement system, such teacher shall contribute to this retirement system as a Class A member as if such teacher had been a member of this system during such period of service and elected Class A membership; however, social security coverage through this system shall begin as of the date of transfer.(d) The contributions for any period of service after July 1, 1957, shall be calculated for the teacher as a Class A member.
