Tennessee Code 49-1502 – Establishment of system – Management
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 49-1502
- board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Property: includes both personal and real property. 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
- State: means the state of Tennessee. See Tennessee Code 8-34-101
A retirement system is established and placed under the management of the board of trustees for the purpose of providing retirement allowances and other benefits under the provisions of this chapter for teachers of the state. The retirement system so created shall be established as of July 1, 1945.
It shall have the power and privilege of a corporation and shall be known as the “Tennessee Teachers’ Retirement System,” and by such name all of its business shall be transacted, all of its funds invested, and all of its cash and securities and other property held in trust for the purpose for which received.