Tennessee Code 49-1528 – Annual payment of state contributions
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Terms Used In Tennessee Code 49-1528
- Earnable compensation: includes , but is not limited to, any bonus or incentive payment. See Tennessee Code 8-34-101
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- 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
On account of each member there shall be paid annually in the accumulation account by the state treasurer for the preceding fiscal year an amount equal to a certain percentage of the earnable compensation of each member to be known as “normal contribution,” and an additional amount equal to a percentage of his earnable compensation to be known as the “accrued liability contribution.” The rate per centum of such contributions shall be fixed on the basis of the liabilities of the retirement system as shown by actuarial valuation.