(a) Except as provided in §§ 8-36-908 and 8-36-909, the service retirement allowance payable to a participant under § 8-36-906 shall consist of a member annuity which shall be the actuarial equivalent of the participant’s accumulated contributions in the defined benefit component of the plan at retirement, plus a state annuity which, when added to the member annuity, shall be equal to:

Terms Used In Tennessee Code 8-36-907

  • Accumulated contributions: means the sum of all the amounts deducted from the compensation of a member, together with any amount transferred to the account of the member established pursuant to chapters 34-37 of this title from the respective account of the member under one (1) or more of the superseded systems, with interest thereon, as provided in §. See Tennessee Code 8-34-101
  • 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
  • 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.
  • Attorney general: means the attorney general and reporter and any assistant thereto by whatever name known, any district attorney general and any assistant thereto by whatever name called, and any officer or full-time employee of the general assembly or any committee thereof established by statute, who is duly licensed to practice law in Tennessee, whose duty it is to provide facilities for drafting bills or to assist individual legislators in drafting bills or who renders legal advice and services to the members of the general assembly or committees thereof. See Tennessee Code 8-34-101
  • Average final compensation: means the average annual earnable compensation of a member during the five (5) consecutive years of the member's creditable service affording the highest such average, or during all of the years in the member's creditable service if less than five (5) years. 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
  • Defined benefit component: means the portion of the hybrid plan that provides a defined benefit plan within the retirement system, but which has its own vesting, benefit structure, and contribution requirements as set forth in this part. See Tennessee Code 8-36-902
  • 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
  • Member annuity: means annual payments for life derived from the accumulated contributions of the member. See Tennessee Code 8-34-101
  • Participant: means any state employee, teacher, or political subdivision employee participating in the hybrid plan. See Tennessee Code 8-36-902
  • Public defender: Represent defendants who can't afford an attorney in criminal matters.
  • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
  • 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
  • State: means the state of Tennessee. See Tennessee Code 8-34-101
  • State judge: has the meaning set forth in §. See Tennessee Code 8-36-902
(1) In the case of a participant, other than those participants described in subdivision (a)(2), one percent (1.0%) of the participant’s average final compensation, multiplied by the number of years of creditable service, unless reduced in accordance with § 8-36-921 or § 8-36-922; and
(2) In the case of a participant who is the attorney general and reporter, a district attorney general, district public defender, or state judge, one and six-tenths percent (1.6%) of the participant’s average final compensation, multiplied by the number of years of creditable service, unless reduced in accordance with § 8-36-921 or § 8-36-922.
(b) Section 8-36-124 shall not apply in determining the retirement allowance payable under this section.