Tennessee Code 8-3440 – Transfer of accumulated contributions – Accumulation fund
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Terms Used In Tennessee Code 8-3440
- 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pursuant to chapters 34-37 of this title from the respective account of the member under one (1) or more of the superseded systems, with interest thereon, as provided in §.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
- Actuarial equivalent: means a benefit of equal value when computed at regular interest upon the basis of the mortality tables last adopted for such purpose by the board of trustees. 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
- Retirement: means withdrawal from membership with a retirement allowance granted under chapters 34-37 of this title. 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
The “accumulation fund” shall be the fund in which the contributions of the employers shall be accumulated, to which shall be credited all amounts transferred from the employees’ fund upon a member‘s retirement, and against which shall be charged all benefits paid on account of retired members. If a retired member is restored to service as an employee prior to his normal retirement date, the actuarial equivalent of the benefit provided by his accumulated contributions shall be transferred to the employees’ fund.