For the purpose of providing funds necessary under the public service commissioners’ retirement system and in order to make such system actuarially sound and solvent there is hereby created and established a public service commissioners’ retirement fund, to be composed of:

(1) contributions paid by any commissioner with respect to prior service, or transferred from any other retirement system in the manner prescribed by § 65-152(b) and/or § 65-166;

Terms Used In Tennessee Code 65-161

  • board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • Commissioner: means any person in office as a member of the public service commission, as prescribed by title 65, chapter 1, prior to June 30, 1996. 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
  • Prior service: means service rendered prior to the date of membership in the retirement system for which credit was given under the terms of one (1) or more of the superseded systems as provided in part 6 of this chapter. 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
  • 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
  • State: means the state of Tennessee. See Tennessee Code 8-34-101
(2) paid by the commissioners with respect to future service as prescribed by § 65-166;
(3) an amount equal to the sum of the employer‘s contribution made by the state of Tennessee to the state retirement fund as an incident to the contributions made to such fund by any commissioner who elects to come within the provisions of §§ 65-151 – 65-168, which moneys are hereby transferred and made a part of the public service commissioners’ retirement system, any provisions of this Code to the contrary notwithstanding;
(4) any and all moneys appropriated to the public service commissioners’ retirement system by the provisions of § 65-163 or by any further act making such appropriations, and
(5) the income from the investment or reinvestment of said fund in the manner prescribed by § 65-163. The fund shall be administered and utilized as a trust fund and shall be used for the purpose of providing benefits in accordance with the provisions of the public service commissioners’ retirement system as established by §§ 65-151 – 65-168, and shall be the means of financing benefits and financing expenses of administering the fund by the board in accordance with the provisions of said sections.
  Previous section
Next section  
 Public Service Commissioners' Retirement Fund Contents