Tennessee Code 8-35-313 – Payment of state annuity direct to retiree
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Terms Used In Tennessee Code 8-35-313
- 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.
- board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
- 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
- Retirement: means withdrawal from membership with a retirement allowance granted under chapters 34-37 of this title. 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
Notwithstanding any other provision to the contrary, the board of trustees shall pay the entire amount of the state annuity directly to the retired members of a local retirement fund whenever the managing board of the local retirement fund is not permitted by municipal charter or other local regulations to pay to retired teachers all or part of the state annuity in addition to the retirement income to which they are entitled from the local retirement fund.