Tennessee Code 49-1530 – Accrued liability contribution rate
Terms Used In Tennessee Code 49-1530
- 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
- Earnable compensation: includes , but is not limited to, any bonus or incentive payment. See Tennessee Code 8-34-101
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Service: means service as a general employee, a teacher, a state police officer, a wildlife officer, a firefighter, a police officer, a state judge, a county judge, an attorney general, a commissioner or a county official which is paid for by an employer, and also includes service for which a former member of the general assembly is entitled to under former §. See Tennessee Code 8-34-101
- State: means the state of Tennessee. See Tennessee Code 8-34-101
Immediately succeeding the next valuation the actuary engaged by the board of trustees shall compute the rate per cent of the total annual earnable compensation of all members which is equivalent to four per cent (4%) of the amount of the total state annuity liability on account of all members and beneficiaries which is not dischargeable by the funds in hand standing to the credit of the accumulation account and the aforesaid normal contributions to be made on account of such members during the remainder of their active service. The rate per cent originally so determined, or as thereafter determined on the basis of actuarial valuation and certified by the board of trustees as a rate of contribution sufficient to discharge said amount prior to July 1, 1995, shall be known as the “accrued liability contribution” rate.