Tennessee Code 8-3504 – Amount of retirement allowance
Terms Used In Tennessee Code 8-3504
- board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
- Creditable service: means prior service plus membership service, as provided in part 6 of this chapter. 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
- Prior service: means service rendered prior to the date of membership in the retirement system for which credit was given under the terms of one (1) or more of the superseded systems as provided in part 6 of this chapter. See Tennessee Code 8-34-101
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Retirement: means withdrawal from membership with a retirement allowance granted under chapters 34-37 of this title. See Tennessee Code 8-34-101
- Retirement allowance: means the sum of the member annuity and the state annuity. 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
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.