(a) The Tennessee Association of Assessing Officers may be a participating employer in the Tennessee consolidated retirement system upon passage of a resolution by the board of directors of the association authorizing and funding an actuarial study and passage by the board of directors of the association of a resolution authorizing participation and accepting liability incurred as a result of such participation.
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
Prior service: means service rendered prior to the date of membership in the retirement system for which credit was given under the terms of one (1) or more of the superseded systems as provided in part 6 of this chapter. 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) The employees of the association shall make the same contributions, participate in the same manner, and shall be eligible for the same benefits as employees of local governments participating in the retirement system under this part. Such employees shall be entitled to credit for such prior service as approved by the board of directors of the association under the same provisions which apply to employees of local governments.(c) In case of the withdrawal of the association as a participating employer, the benefits of the association shall be determined in accordance with § 8-35-211.(d) The retirement system shall not be liable for the payment of retirement allowances or other benefits on account of employees of the association or their beneficiaries for which reserves have not been previously created from funds contributed by the association or its employees, or both.(e) It is the legislative intent that the state shall realize no increased cost as a result of this section. All costs associated with retirement coverage, including administrative costs, shall be the responsibility of the association.
