Tennessee Code 49-1537 – Interest rate used in calculations
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Terms Used In Tennessee Code 49-1537
- board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
- Regular interest: means interest at such rate or rates compounded annually as may be set from time to time by the board of trustees in accordance with §. See Tennessee Code 8-34-101
The board of trustees shall determine from time to time the rate of regular interest for use in all calculations. Such rate shall be limited to a minimum of three per cent (3%) and a maximum of six per cent (6%), with the former rate applicable until changed by the board. Increases in the regular rate of interest shall be made by the board only when justified by corresponding increases in earnings of interest and dividends.