(a) No pension or annuity shall be provided exceeding three-fourths (3/4) of the salary paid the teacher at the time of retirement, and in no event shall it exceed the sum of six hundred dollars ($600) per annum.

Terms Used In Tennessee Code 49-5-904

  • 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.
  • teacher: means and includes any director of schools, assistant director of schools, principal, assistant principal, supervisor, assistant supervisor, persons in charge of any special department of instruction, and any teacher or instructor regularly employed as such by the school board of such city or county, town or district. See Tennessee Code 49-5-903
(b) The maximum assessment on any teacher coming under the operation of this part shall not exceed two and one-half percent (2.5%) per annum of the salary agreed to be paid the teacher, and a minimum of one percent (1%) per annum.
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