Title 8, Public Officers And Employees

Subject to the limitations in § 8-37-104, the board, or its nominee, has full power to hold, purchase, sell, assign, transfer, or dispose of any of the securities or investments in which the funds created herein have been invested, including the purchasing and selling of stock op…

(1) All of the board's business shall be transacted, all of its funds invested, all warrants for money drawn, any payments made, and all of its cash and securities and other property shall be held:(1) In the name of the board;(2) In the name of its nominee; provided, that the nom…

Except as otherwise herein provided, no trustee and no employee of the board of trustees shall have any personal interest in the gains or profits of any investment made by the board; nor shall any trustee or employee of the board, directly or indirectly, for such trustee or emplo…

(a) Implementation of the policy established by the board of trustees may be delegated by the board to the state treasurer who shall put such policy into effect. (b) Subject to the delegation of the board of trustees, the state treasurer shall have full power to invest and reinve…

(a) Any other law to the contrary notwithstanding, the board of trustees shall have the authority to employ outside investment counsel for advisory services. (b) The expenses of the fees charged by such investment counsel and any expense incurred under the authority of title 9, c…

The assets of the plan shall never inure to the benefit of an employer and shall be held for the exclusive purposes of providing benefits to members and their beneficiaries and defraying reasonable expenses of administering the plan.

(a) In the event the board of trustees directs that outside investment managers be engaged to invest assets of the Tennessee consolidated retirement system, the board of trustees shall endeavor to use emerging investment managers to the greatest extent feasible within the bounds …

(a) Notwithstanding any other provision of the law to the contrary, the board of trustees is expressly authorized to contract for investment management services for the retirement system's foreign portfolios and for the retirement system's real estate portfolios. The board shall …

(a) The board of trustees is hereby authorized to create one (1) or more not-for-profit corporations, limited liability companies, limited liability partnerships, or trusts for the purpose of acquiring, holding title to, and collecting income from real property on behalf of the r…

(a) The board of trustees has the power and authority to enter into investment contracts with, or to issue notes, bonds or other evidences of indebtedness to, any instrumentality of the state which is designated to invest funds received pursuant to the tobacco litigation master s…

The funds created by this chapter and chapters 34-36 of this title shall be deemed to be the funds of the retirement system and not state funds.

The members' fund shall be a fund in which shall be accumulated the contributions deducted from the compensation of members to provide for their member annuities, together with any contributions of members and interest thereon transferred thereto from a superseded system.

(a) The rate of contribution payable by members shall be:(1) (A) In the case of a member in Group 1, five percent (5%) of the member's earnable compensation;(B) In the case of a member in Group 2, five and one-half percent (5.5%) of the member's earnable compensation;(C) In the c…

(a) The board of trustees shall certify to the commissioner of finance and administration and the state treasurer, in the case of any employee paid by warrants on the state treasurer, or to the department, institution, commission, board or agency by which the salary of any employ…

(a) All sums deducted shall be transmitted to the state treasurer, and the state treasurer shall furnish the comptroller of the treasury, the commissioner of finance and administration and the board of trustees with a record of all such moneys. (b) The amounts deducted shall be r…

Each contribution shall be credited, with interest thereon, to the individual account of the member from whose compensation the deduction was made.

Every member shall be deemed to consent and agree to the deductions herein provided as a condition of membership.

The deductions provided for herein shall be made, notwithstanding that the minimum compensation provided for by law for any member shall be reduced thereby.

(a) If a member other than a teacher is separated from service for reasons other than retirement or death, the amount of the member's accumulated contributions shall be paid to the member within ninety (90) days after the member's written request for such accumulated contribution…

Notwithstanding any provisions to the contrary in § 8-37-210, § 8-37-212, or chapter 35, part 1 of this title, in cases where employer contributions have been refunded on behalf of CETA employees, the employee contributions will be refunded to the member.

(a) Upon the death of a retired member after the retired member's retirement allowance payments have commenced (provided, that the retired member has not elected an optional allowance that has become effective), any excess of the amount of the retired member's accumulated contrib…

The accumulated contributions of a member withdrawn by the member, or paid to the member's designated beneficiary or to the member's estate in accordance with § 8-36-120, shall be paid from the members' fund.

(a) (1) Subject to the approval of the board of trustees, any member who has one (1) year of current membership service or previous service established pursuant to chapter 35, part 2 of this title may make a back payment or redeposit in accordance with the applicable provisions o…

Upon the retirement of a member, or if a retirement allowance becomes payable on account of the member's death prior to retirement, the member's accumulated contributions shall be transferred from the members' fund to the state accumulation fund.

(a) Each employer shall be permitted to pick up the employee contributions required by § 8-37-202 for all compensation earned after December 31, 1986; provided, that the state has received a favorable decision before that date from the internal revenue service or the federal cour…

Any Group 2 member who elected to contribute an additional five percent (5%) in accordance with chapter 885, § 1 of the Public Acts of 1982, amending § 8-36-201, shall have ninety (90) days from July 1, 1987, to request a refund of the additional contributions required by such pu…

(a) Any Group 2 member who elected to come under § 8-36-201(b)(2)(A) and who continues in service after age fifty-five (55) and after completion of twenty-five (25) years of creditable service shall be paid the additional contributions made by such member under § 8-36-201(b)(2) w…

(a) For purposes of compliance with § 401(a)(31) of the Internal Revenue Code (26 U.S.C. § 401(a)(31)), this section applies notwithstanding any other law to the contrary that would otherwise limit a distributee's election to make a rollover. A distributee may elect, at the time …

(a) Subject to the conditions set forth in this section, the board of trustees may promulgate substantive and procedural rules to permit members, including retired members, to establish the retirement credit authorized in chapters 34-37 of this title through equal monthly install…

(a) The state accumulation fund shall be the fund in which shall be accumulated:(1) All reserves for the payment of all state annuities payable from contributions made by employers;(2) Any amounts transferred thereto from a superseded system;(3) The amounts transferred from the m…

The normal contribution rate and the accrued liability contribution rate as computed by the actuary are to include all liability resulting from cost-of-living benefits as provided by § 8-36-701.

All interest and dividends earned on the funds of the retirement system shall be credited to the state accumulation fund. The board of trustees annually shall show interest at such rate or rates as it shall determine from time to time on the individual accounts of members in the …

Employer contributions made on behalf of Comprehensive Employment Training Act (CETA) employees, plus interest credited to these funds at the same rate as for employee accounts, shall be refundable from the state accumulation fund if the CETA employee has terminated participation…

The board of trustees shall annually certify to the general assembly the amount of normal contributions, accumulated liability contribution and cost of living contribution required from the employer to meet the provisions of this chapter for state judges and attorneys general par…

(a) The state treasurer shall develop and recommend to the board of trustees a funding policy with respect to the obligations of the Tennessee consolidated retirement system. The board of trustees shall adopt a funding policy which complies with this section. Such adopted funding…

(a) At least thirty (30) days prior to each regular session of the general assembly, the board of trustees shall certify to the governor the estimated amounts of normal contribution, accrued liability contribution and cost-of-living contribution required to meet the provisions of…

(a) The general assembly shall make appropriations sufficient to provide:(1) The amounts of normal contribution and accrued liability contribution so ascertained to be required on account of state employees, other than teachers, shall be included in the general appropriations act…

Each department, institution, commission, board or agency of the state is authorized to make available, for each year, such funds as are necessary to meet the provisions of chapters 34-37 of this title.

In the event that the compensation received by a member is reimbursed to the state by a federal or other public agency, the employer's contribution may be paid by the federal or public agency.

The contributions deducted from the compensation of the members and contributions of the employer shall be due and payable monthly on the first day of each month.

(a) Monthly Report of Salaries and Contributions. For the purpose of ascertaining the amount of contributions payable under this chapter and chapters 34-36 of this title, it shall be the duty of the employer on or before the tenth day of each month to transmit to the state treasu…

(a) The board of trustees for good cause may extend not to exceed thirty (30) days the time for transmitting the information and remitting of contributions required under chapters 34-37 of this title. (b) The board of trustees is specifically authorized to establish by regulation…

(a) When any employer fails to forward payroll data or pay the full amount of contributions required by chapters 34-37 of this title, there shall be imposed a specific civil penalty to be added to the contributions in the amount of five and one-half percent (5.5%), if the failure…

(a) In the event any political subdivision or other body qualifying as a political subdivision electing to cover its employees under chapter 35, part 2 of this title fails to remit in a timely manner funds determined by the actuary and/or board of trustees to be necessary to prov…

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 wi…

(a) For the purpose of providing funds to aid in meeting the cost of benefits provided by chapters 34-37 of this title for commissioners, there is appropriated to the retirement system annually a sum equal to the amount of employer contributions required on account of commissione…