(a) Any member in Group 2 who is employed by a political subdivision and who elected to come under § 8-36-201(b)(2)(A) shall be eligible for early service retirement upon completion of twenty (20) years of service regardless of age. Any member retiring under this section shall be entitled to receive a reduced retirement allowance based on the member’s age which is the actuarial equivalent of the benefit provided in § 8-36-206 at fifty-five (55) years of age. This section must be approved by the chief governing body of the employing political subdivision within ninety (90) days of July 1, 1984.

Terms Used In Tennessee Code 8-36-307

  • 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
  • Month: means a calendar month. 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 allowance: means the sum of the member annuity and the state annuity. 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
  • Service retirement date: means the date on which a member first becomes eligible for a service retirement allowance, or would first become eligible for a service retirement allowance if the member were to remain in service until such date, as provided in §. See Tennessee Code 8-34-101
(b) Any member in Group 2, who is employed by a political subdivision and who elected to come under § 8-36-201(b)(2)(A), shall be eligible for early service retirement upon completion of twenty (20) years of service regardless of age. Any member retiring under this section shall be entitled to a retirement allowance reduced by four tenths of one percent (0.4%) for each month for which the member’s date of early retirement precedes such member’s service retirement date. This subsection (b) must be approved, along with acceptance of the associated liability, by the chief governing body of the employing political subdivision within ninety (90) days of July 1, 1986.
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