(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.
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Terms Used In Tennessee Code 8-3455

  • 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
  • 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
  • State: means the state of Tennessee. See Tennessee Code 8-34-101
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(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.
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