Tennessee Code 49-1538 – Crediting of interest and dividends
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 49-1538
- 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
- Retirement: means withdrawal from membership with a retirement allowance granted under chapters 34-37 of this title. See Tennessee Code 8-34-101
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
All interest and dividends earned on the funds of the retirement system shall be credited to the accumulation account. Once each year the board of trustees shall transfer from the accumulation account to the members’ contributions account an amount sufficient to allow regular interest on the balance of the individual accounts of teachers.