Subject to the administrative duties reserved by state law to the state treasurer with respect to all state retirement systems, the retirement board shall have complete control of the administration of the system, subject to the provisions of this chapter, with all powers necessary to enable it to carry out properly its duties in that respect.

Specifically, the rights, powers and duties of the board shall include, but shall not be limited to the following:

(a) The board shall, not inconsistent with the provisions of this chapter, construe this chapter, and determine all questions that arise hereunder, including questions relating to whether or not a person is a “judge,” within the meaning of this chapter, the eligibility of judges to become members, and the amount of benefit to which any member, beneficiary, or survivor, may become entitled to hereunder.

Terms Used In Tennessee Code 17-504

  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Retirement: means withdrawal from membership with a retirement allowance granted under chapters 34-37 of this title. See Tennessee Code 8-34-101
  • State: means the state of Tennessee. See Tennessee Code 8-34-101
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(b) The board shall establish rules, forms and procedures to be followed in filing applications for benefits, in furnishing and verifying proofs necessary to establish age, earnings, or any other matters required to administer the system.
(c) The board shall receive all applications for benefits. Upon receipt by the board of such an application it shall determine all facts which are necessary to establish the right of the judge to benefits and the amount thereof, as provided in this chapter. The decisions of the board upon all matters within the scope of its authority shall be final. Upon request, the board will afford any applicant the right of a hearing with respect to any findings of fact or determination.
(d) The board, as it sees fit, shall prepare from time to time information concerning the system and distribute such information to judges, members, and other interested persons.
(e) The board shall prepare and publish an annual, audited, financial report showing all receipts, disbursements, and assets and liabilities of the system. The board shall keep accurate minutes of all its proceedings. All proceedings, minutes, and records of the board shall be open at all reasonable times for inspection by the public.
(f) The board shall be empowered to employ the services of investment consultants, actuarial consultants, and the services of others which may be necessary to maintain a soundly designed, administered and financed pension system. Expenses incurred by or on behalf of the board in the administration of this system shall be paid from the fund upon written authorization by the board.
(g) As soon as practicable after JuIy 1, 1963, the board shall adopt such actuarial and other tables as are deemed necessary for the administration of the system, and from time to time may change such tables and adopt new tables.
(h) The board shall have the right to rely upon all tables, valuations, certificates, and reports furnished by any consultant or actuary, all opinions given by the state attorney-general or an assistant thereof, and any advice of a qualified investment consultant.
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