Each retirement board shall, biennially, within six (6) months after the close of the system’s most recent fiscal year make one of the following reports to the state comptroller; either (A) or (B) as follows:

(A) A report in such manner, detail, and form as prescribed by the state comptroller containing:

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 8-3454

  • board: means the board provided for in part 3 of this chapter. 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(1) Sufficient data to enable an actuary retained by the comptroller to determine the system’s minimum actuarial level for said fiscal year and the two (2) succeeding fiscal years;
(2) Contributions for said fiscal year; and
(3) Contributions to be made in each of the two (2) succeeding fiscal years, or sufficient data to enable such contributions to be actuarially computed.
(B) A report which includes the following:

(1) An actuarial valuation report, certified to by an accredited consulting actuary as to normal cost, past service liabilities and the reasonableness and soundness of actuarial assumptions and principles used by said actuary;
(2) Contributions for said fiscal year; and
(3) Contributions to be made in each of the two (2) succeeding fiscal years, or sufficient data to enable such contributions to be actuarially computed.

Each report shall include a copy of that retirement system as amended if not previously furnished to the state comptroller under this or a predecessor act, and any amendments since the last report.