Tennessee Code 9-4-1202 – Teacher legacy pension stabilization reserve trust fund
Terms Used In Tennessee Code 9-4-1202
- 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- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.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 9-4-1201
- 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
- Teacher: has the meaning set forth in §. See Tennessee Code 9-4-1201
The teacher legacy pension stabilization reserve trust is created. The teacher legacy pension stabilization reserve trust fund shall be established and funded through a mechanism and methodology as shall be determined in the future by the commissioner of finance and administration and the state treasurer. 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 teachers 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 teachers 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 teachers or their beneficiaries. The attorney general and reporter shall approve the terms of the trust instrument.