Tennessee Code 8-37-506 – Electronic transmission of contributions and reports
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Terms Used In Tennessee Code 8-37-506
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- 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 - 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
- State: means the state of Tennessee. See Tennessee Code 8-34-101
Effective for the payroll period ending July 1, 2011, or on such later date as the state treasurer may otherwise provide, the contributions described in this part shall be paid by the employer to the retirement division by electronic funds transfer. The payroll data associated with such electronically transferred contributions shall be filed with the division concurrent with the contributions through such electronic medium as shall be prescribed by the treasurer. The director of the retirement system may waive the requirement to submit such contributions or payroll data by electronic means for employers that are unable to comply despite good faith efforts or due to circumstances beyond the employer’s reasonable control.