(a) Notwithstanding this part or any law to the contrary, a correctional officer employed by a local government who is a member of the retirement system, regardless of the correctional officer’s participation in the legacy pension plan, the hybrid plan, or another alternative plan, is eligible for early service retirement upon attainment of twenty-five (25) years of creditable service. The retirement allowance, as provided under this section, must be computed as the actuarial equivalent of the benefit that would have been payable under a service retirement allowance.
Terms Used In Tennessee Code 8-36-310
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
Creditable service: means prior service plus membership service, as provided in part 6 of this chapter. See Tennessee Code 8-34-101
Legacy: A gift of property made by will.
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
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
(b) A correctional officer is not required to retire pursuant to subsection (a). Subsection (a) applies only to correctional officers who retire on or after January 1, 2022 and does not constitute a change in formula under § 8-36-702.(c)(1) The respective local government may require a correctional officer who voluntarily chooses to retire pursuant to subsection (a) to pay a pro rata share of the cost of any insurance coverage otherwise provided to members who are one hundred percent (100%) vested in the service retirement benefit pursuant to § 8-36-201 based on the time the correctional officer voluntarily chooses to retire pursuant to subsection (a) until the date that the correctional officer would have become one hundred percent (100%) vested in the service retirement benefit pursuant to § 8-36-201.(2) A correctional officer who voluntarily chooses to retire pursuant to subsection (a) is entitled to insurance coverage otherwise provided to members who are one hundred percent (100%) vested in the member’s service retirement benefit pursuant to § 8-36-201 on the date that the correctional officer would have become one hundred percent (100%) vested in the service retirement benefit pursuant to § 8-36-201.
