(a)

Terms Used In Tennessee Code 8-25-205

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • Covered compensation: means , with respect to any calendar year, the amount of a member's earnable compensation subject to contributions under the Federal Insurance Contributions Act (26 U. See Tennessee Code 8-34-101
  • Earnable compensation: includes , but is not limited to, any bonus or incentive payment. See Tennessee Code 8-34-101
  • 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
  • Internal Revenue Code: means the Internal Revenue Code of 1986, codified in United States Code, title 26, as amended. 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
(1) The employer shall make employer contributions at the rate of ten percent (10%) of each eligible employee’s earnable compensation, plus one percent (1%) of the part of the eligible employee’s earnable compensation in excess of the employee’s covered compensation.
(2) The amount of salary taken into account in determining such contributions shall not exceed the maximum dollar limitation imposed by Section 401(a)(17) of the Internal Revenue Code ( 26 U.S.C. § 401(a)(17) ). For any person becoming a participant in an optional retirement program before July 1, 1996, the dollar limitation under Section 401(a)(17) of the Internal Revenue Code shall not apply to the extent the amount of compensation that is allowed to be taken into account under the plan would be reduced below the amount that was allowed to be taken into account under the plan as in effect on July 1, 1993.
(b) [Deleted by 2019 amendment.]
(c) [Deleted by 2018 amendment.]
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