Tennessee Code 8-4016 – Amount of benefits
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Terms Used In Tennessee Code 8-4016
- Retirement: means withdrawal from membership with a retirement allowance granted under chapters 34-37 of this title. 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
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
The retirement benefit per annum to any person retiring under the provisions of this chapter shall be two and one-half per cent (21/2%) of the average compensation for each year of service (but in computing, not to exceed twenty-four (24) years service) provided said benefit shall not exceed sixty per cent (60%) of said average compensation. In computing length of time of service, fractions of a year equaling six (6) months or more shall be treated as a full year of service.