Tennessee Code 49-1561 – Adjustment of allowance
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Terms Used In Tennessee Code 49-1561
- 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
- Month: means a calendar month. See Tennessee Code 1-3-105
- Retirement: means withdrawal from membership with a retirement allowance granted under chapters 34-37 of this title. See Tennessee Code 8-34-101
- Retirement allowance: means the sum of the member annuity and the state annuity. See Tennessee Code 8-34-101
- 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
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
Effective July 1, 1970, and each succeeding July 1, the total monthly service or disability retirement allowance rate paid for the month of June, 1969, to any member retired prior to July 1, 1969, shall be increased by one and one-half per cent (11/2%) of such monthly allowance rate for each year that the member has been retired, but the aggregate of such monthly increments to any retired member’s allowance shall not exceed thirty per cent (30%) of his June, 1969, monthly service retirement allowance rate if he retired prior to July 1, 1969.