Tennessee Code 9-4-1102 – State employee legacy pension stabilization reserve trust fund
Terms Used In Tennessee Code 9-4-1102
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Legacy: A gift of property made by will.
- Legacy pension plan: means the Tennessee consolidated retirement system that is established in title 8, chapters 34 - 37, excluding the Hybrid Retirement Plan for State Employees and Teachers, compiled in title 8, chapter 36, part 9. See Tennessee Code 9-4-1101
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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).
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- State employee: means any person who is a state official, including members of the general assembly, the attorney general and reporter, district attorneys general, state judges, and district public defenders, or any person who is employed in the service of and whose compensation is payable by the state, or any person who is employed by the state whose compensation is paid in whole or in part from federal or other funds. See Tennessee Code 9-4-1101
The state employee legacy pension stabilization reserve trust is created. The state employee legacy pension stabilization reserve trust fund shall be established and funded through appropriations made in the general appropriations act from time to time for such purpose. The trust and the funds therein shall be administered by the department of the treasury. The trust fund shall be an irrevocable trust exclusively for the benefit of state employees who are members of the legacy plan. The assets of the trust fund shall be preserved, invested, and expended solely pursuant to and for the purposes of this part and shall not be loaned or otherwise transferred or used for any other purpose. It shall be impossible, at any time prior to the satisfaction of all liabilities with respect to state employees and their beneficiaries under the legacy pension plan and this trust, for any part of the corpus or income of the trust to be used or diverted for purposes other than for the exclusive benefit of the state employees or their beneficiaries. The attorney general and reporter shall approve the terms of the trust instrument.