Tennessee Code 49-1535 – Payment of allotted funds into accumulation account
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Terms Used In Tennessee Code 49-1535
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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.
- 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
Notwithstanding any other provisions of this or any other law, until the accrued liability of the retirement system has been funded in its entirety, any portion of the funds heretofore or hereafter appropriated to the retirement system for any fiscal year, unallotted to any of the accounts above enumerated or any excess funds contained in any such appropriation arising from any cause whatsoever, shall be allotted by the accounts section of the department of finance and administration into the accumulation account for the funding of said accrued liability.