Tennessee Code 8-25-310 – Alternative social security replacement plan for classes of employees not covered by agreement under 8-38-103
Terms Used In Tennessee Code 8-25-310
- Commissioner: means any person in office as a member of the public service commission, as prescribed by title 65, chapter 1, prior to June 30, 1996. 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
- 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
- State: means the state of Tennessee. See Tennessee Code 8-34-101
The state treasurer, with the approval of the commissioner of finance and administration, may adopt a new feature to the plan that would provide for an alternative social security replacement plan that satisfies the requirements of § 3121(b)(7)(F) of the Internal Revenue Code (26 U.S.C. § 3121(b)(7)(F)), as may be amended, and any rules and regulations promulgated thereunder for any classes of state employees, including employees of institutions of higher education, whose service is not covered by an agreement entered into under § 8-38-103. Any such plan may require the withholding as deferred compensation from the wages otherwise payable to those employees of up to seven and one-half percent (71/2%) of wages, as the term “wages” is defined for social security purposes, or such other amount as may be required as an alternative to social security contributions.