Tennessee Code 8-37-112 – Assets – Exclusive purposes
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Terms Used In Tennessee Code 8-37-112
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Employer: means :
(A) The state or any department, commission, institution, board or agency of the state government by which a member is paid, with respect to members in its employ. See Tennessee Code 8-34-101
The assets of the plan shall never inure to the benefit of an employer and shall be held for the exclusive purposes of providing benefits to members and their beneficiaries and defraying reasonable expenses of administering the plan.