(a) An eligible employee who elects to participate in an optional retirement program established under this part will be ineligible to participate in the retirement system during such period as the employee is employed by a state-supported institution of higher education.

Terms Used In Tennessee Code 8-25-208

  • 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pursuant to chapters 34-37 of this title from the respective account of the member under one (1) or more of the superseded systems, with interest thereon, as provided in §.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
  • Creditable service: means prior service plus membership service, as provided in part 6 of this chapter. See Tennessee Code 8-34-101
  • Local retirement fund: means any teachers' retirement fund or other arrangement for payment of retirement benefits to teachers, except this retirement system, supported wholly or in part by contributions made by an employer as defined by chapters 34-37 of this title. 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
  • Public school: means any school conducted within the state under the authority and supervision of a duly elected or appointed city or county school board, and any educational institution supported by and under the control of the state. 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
(b) While participating in an optional retirement program, such member‘s accumulated contributions, if any, and creditable service in the retirement system shall remain unchanged as of the date of election of an optional retirement program under this part.
(c) Interest shall continue to be credited to the employee’s accumulated contributions in the retirement system.
(d) In the event that a participant in an optional retirement program assumes or returns to a position in a public school where an optional retirement program or a local retirement fund is not available, the participant shall at that time begin or resume participating in the retirement system.
  Previous section
Next section  
 Part 2 Contents