As used in §§ 8-3453 – 8-3457, the following words and phrases, unless a different meaning is plainly required by the context, shall have the following meaning:

(A) “Retirement system” or “system” means any retirement system established by an employer, which is the state of Tennessee or any of its political subdivisions, for the benefit of its employees, or, as the context requires, the written provisions of such system.
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Terms Used In Tennessee Code 8-3453

  • 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
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • 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
  • 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
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(B) “Normal contribution” means the actuarially determined amount which would be required to be paid by the employer to the retirement system at the end of the system’s fiscal year to maintain the system if it had been in effect from the beginning of service of each person then included in the system and if such costs for prior years had been paid and all relevant actuarial assumptions, such as interest, mortality, and time of payment, had been fulfilled, reduced by any amount attributable to overfunding the system in prior years, whether such overfunding is on account of any actual experience more favorable than that assumed in prior years or otherwise, taking proper account of employee contributions.
(C) “Unfunded past service liability” means the actuarially determined amount which would be required to be paid by the employer to the retirement system at the end of the system’s fiscal year to meet all the future benefits provided under the system which would not be met by the sum of future normal contributions, future employee contributions and funds actually in the system as of such date.
(D) “Minimum actuarial level” means that the contributions to a retirement system are equal to the sum of normal contribution and five per cent (5%) of unfunded past service liability.
(E) “Contributions” means the total amount paid to the retirement system by the employer and its employees. Whenever a report of contributions is required by this act, the portions of the amount attributable to employers and employees shall be separately stated.
(F) “Retirement board” means the person or persons charged with the administration of a retirement system.
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