The retirement system shall pay all benefits in accordance with a good faith interpretation of the requirements of § 401(a)(9) of the Internal Revenue Code (26 U.S.C. § 401(a)(9)), and the regulations in effect under that section, as applicable to a governmental plan within the meaning of § 414(d) of the Internal Revenue Code (26 U.S.C. § 414(d)). The retirement system is subject to the following provisions:

(1) Any member eligible to retire may set the effective date of the member’s retirement at any date within one hundred fifty (150) days before or after the date that the member’s application is filed with the board; provided, that such effective date of retirement follows the date of the member’s separation from service;

Terms Used In Tennessee Code 8-36-203

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Beneficiary: means any person, persons or institution receiving a retirement allowance or other benefit as provided in chapters 34-37 of this title. See Tennessee Code 8-34-101
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • 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
  • 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
  • Retirement allowance: means the sum of the member annuity and the state annuity. 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
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(2) A member may submit only one (1) retirement application even if the member has service credit in one (1) or more of the four (4) defined benefit plans administered by the retirement system pursuant to chapters 34-37 of this title. The retirement payment plan and beneficiary selected by the member on the retirement application shall be the same for all of the plans and may not be changed or revoked, except as provided in part 6 of this chapter. The retirement system shall pay benefits from each of the applicable plans on the member’s effective date of retirement; provided, that the member has met the eligibility requirements of the particular plan for a retirement allowance. If on a member’s effective date of retirement the member has not met the eligibility requirements for a retirement allowance from a particular plan, the retirement system shall commence payments from that plan once the member meets the eligibility requirements of the plan;
(3) Distribution of a member’s benefit must begin by the required beginning date, which is April 1 of the calendar year following the calendar year in which the member attains age seventy and one-half (701/2) or age seventy-two (72) if the member was born on or after July 1, 1949, as such age is extended or otherwise modified by the Internal Revenue Code or the regulations promulgated thereunder, or April 1 of the calendar year following the calendar year in which the member terminates, whichever is later. If a member fails to apply for retirement benefits by the later of either of those dates, the board shall begin distribution of the monthly benefit as required by this section in the applicable form provided in § 8-36-206; and
(4) The amount of an annuity paid to a member’s beneficiary may not exceed the maximum determined under the incidental death benefit requirement of § 401(a)(9)(G) of the Internal Revenue Code (26 U.S.C. § 401(a)(9)(G)), and the minimum distribution incidental benefit rule under Treasury Regulation § 1.401(a)(9)-6, Q&A-2.
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