(1) The minimum monthly retirement allowance before modification under any optional provision payable to any member who retired prior to July 1, 1967, or who shall retire thereafter, shall be, for a class A member, four dollars and thirty-four cents ($4.34) multiplied by the total number of years of his creditable service; and, shall be, for a class B member, five dollars ($5.00) multiplied by the total number of years of his creditable service.

Terms Used In Tennessee Code 49-1552

  • Accumulated contributions: means the sum of all the amounts deducted from the compensation of a member, together with any amount transferred to the account of the member established pursuant to chapters 34-37 of this title from the respective account of the member under one (1) or more of the superseded systems, with interest thereon, as provided in §. See Tennessee Code 8-34-101
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: means any person, persons or institution receiving a retirement allowance or other benefit as provided in chapters 34-37 of this title. See Tennessee Code 8-34-101
  • board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
  • Creditable service: means prior service plus membership service, as provided in part 6 of this chapter. See Tennessee Code 8-34-101
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Local retirement fund: means any teachers' retirement fund or other arrangement for payment of retirement benefits to teachers, except this retirement system, supported wholly or in part by contributions made by an employer as defined by chapters 34-37 of this title. See Tennessee Code 8-34-101
  • 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
  • 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
  • State annuity: means annual payments for life derived from contributions by an employer. See Tennessee Code 8-34-101
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(2) In determining the minimum allowance payable in accordance with subsection (1) of this § 49-1552 in the case of any teacher who is a member of a local retirement fund whose retirement becomes effective on or after July 1, 1967, and to whom or on whose account a state annuity is payable there shall be deducted the teacher annuity that would have been payable to him had he been a member of the Tennessee teachers’ retirement system, provided that the state annuity payable to or on account of any local member who retired prior to July 1, 1967, shall not be less than was paid prior to that date; provided, however, that any increases under any amendment effective on or after July 1, 1967, in the minimum benefit provision payable on behalf of members of local retirement systems shall be paid directly to said local member as a supplement from the Tennessee teachers’ retirement system.
(3) Notwithstanding any provisions of the law to the contrary, any member retired prior to July 1, 1967, or any other person who taught in the public schools of Tennessee after July 1, 1945, and has not or is not now receiving benefits under the provisions of § 49-1311, and who establishes evidence to the satisfaction of the board of trustees of at least ten (10) years of teaching service in the public schools of Tennessee shall be entitled to receive benefits for said years limited to the provisions of § 49-1552; provided, however, that benefits based upon teaching after July 1, 1945, shall be allowed only under any of the following conditions:

(1) when a person’s contributions are withdrawn but repaid to the retirement system with interest at six per cent (6%) per annum from the date of withdrawal of such contributions to date of repayment,
(2) when a member whose retirement account has become inactive because of too much absence from teaching service and his accumulated contributions have not been withdrawn but who pays to the retirement system six per cent (6%) interest per annum on his accumulated account from the date his account became inactive to the date such interest is paid, or
(3) when a teacher who failed to become a member of the retirement system by officially electing to be a nonmember as provided in subsection (2) of § 49-1509, pays to the retirement system the total amount of all the contributions he otherwise would have contributed to the retirement system during said period of nonmembership, plus interest at six per cent (6%) per annum for each year that his funds normally would have been on deposit with the retirement system.
(4) Notwithstanding any other provisions to the contrary in this chapter, in the event of the death of a member retired prior to June 1, 1971, under either option 2 or option 3 of § 49-1553, who was receiving a supplement under § 49-1552, the designated beneficiary of said retired member shall after June 1, 1971, receive fifty per cent (50%) of said supplement and this shall be in addition to the amount said beneficiary is otherwise eligible to receive.
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