(a) The state accumulation fund shall be the fund in which shall be accumulated:

Terms Used In Tennessee Code 8-37-301

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
  • Earnable compensation: includes , but is not limited to, any bonus or incentive payment. See Tennessee Code 8-34-101
  • Employer: means :
    (A) The state or any department, commission, institution, board or agency of the state government by which a member is paid, with respect to members in its employ. 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 system: means the Tennessee consolidated retirement system as defined in §. See Tennessee Code 8-34-101
  • State: means the state of Tennessee. See Tennessee Code 8-34-101
  • Superseded system: means , where applicable, the Tennessee state retirement system, the Tennessee teachers' retirement system, the Tennessee judges' retirement system, the retirement system for county paid judges of Tennessee, the attorneys general retirement system of Tennessee, the public service commissioners' retirement system, and the Tennessee retirement system for county officials, any one (1) of them, or any combination thereof. See Tennessee Code 8-34-101
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(1) All reserves for the payment of all state annuities payable from contributions made by employers;
(2) Any amounts transferred thereto from a superseded system;
(3) The amounts transferred from the members’ fund; and
(4) The amount of the penalty assessed against the employer;

and from which shall be paid all costs of administering the retirement system, and all retirement allowances and other benefits payable under the retirement system other than those payable from the members’ fund.

(b) The total amount payable to the state accumulation fund in each year on account of each member classification shall not be less than the sum of the normal contribution rate and the accrued liability contribution rate, multiplied by the total compensation earnable by all members in such classification for each year, plus the amount determined as the cost-of-living contribution.
(c) Until the completion of the first actuarial valuation, the normal contribution rate and the accrued liability contribution rate shall be set at such percentages of the earnable compensation of members as the actuary shall recommend and the board of trustees shall approve.
(d) The assets accumulated in the state accumulation fund on behalf of kindergarten through twelfth (K-12) grade teachers shall be used exclusively for the benefit of such teachers. The assets accumulated in the state accumulation fund on behalf of state employees, including the employees of public institutions of higher education, shall be used exclusively for the benefit of such employees.
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