Tennessee Code 8-107 – Retirement benefits – “Former governor” defined – Age, amount, how paid – Exceptions – Survival benefits to widow – Written application required
Terms Used In Tennessee Code 8-107
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
- Month: means a calendar month. See Tennessee Code 1-3-105
- Person: includes a corporation, firm, company or association. 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 system: means the Tennessee consolidated retirement system as defined in §. See Tennessee Code 8-34-101
- State: means the state of Tennessee. See Tennessee Code 8-34-101
- written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
Notwithstanding any provision in the Tennessee state employees retirement system to the contrary, this section shall apply only to a “former governor” which shall mean any person, who has been elected as governor of the state of Tennessee and has served as governor at least four (4) years. Benefits payable under this provision in respect of any former governor shall be in lieu of all other benefits to which said governor may otherwise be entitled under this retirement system.
Any former governor, upon reaching age sixty-five (65), shall be eligible to receive a pension. The amount of such pension shall be an amount per annum equal to fifty percent (50%) of the then current annual salary for the office of the governor, payable in twelve (12) equal monthly payments, to commence on the first day of the month following his sixty-fifth birthday and be payable monthly thereafter for life. Any pension payable in accordance with this provision shall not be due or payable, however, during any period of time that a former governor is holding any public office, elective or appointive, or is otherwise on the payroll of any federal, state or local government.
If a former governor dies after he has reached age sixty-five (65), one half (1/2) of the amount of his pension shall be payable thereafter to his widow during her unremarried lifetime. If a former governor dies before reaching age sixty-five (65), a survivor benefit shall be payable to his widow thereafter during her unremarried lifetime. The amount of such survivor benefit shall be determined actuarially so that it has the same value at her then age as a life annuity commencing at age sixty-five (65) providing a monthly benefit of one half (1/2) of the amount of the pension which the former governor would have received if he had lived to age sixty-five (65).
Any benefit payable pursuant to this provision shall be made only upon written application by the former governor or his widow, as the case may be, made to the Tennessee state retirement board.