Tennessee Code 8-36-912 – Computation of minimum early service retirement allowance
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Terms Used In Tennessee Code 8-36-912
- board: means the board provided for in part 3 of this chapter. 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
- Participant: means any state employee, teacher, or political subdivision employee participating in the hybrid plan. See Tennessee Code 8-36-902
- 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
The minimum early service retirement allowance payable under the defined benefit component of the plan pursuant to § 8-36-911 shall be the minimum service retirement allowance computed in accordance with § 8-36-909 on the basis of the participant‘s creditable service at the time of early retirement, reduced by an actuarially determined factor as set by the board from time to time. Section 8-36-124 shall not apply in determining the retirement allowance payable under this section.