(a) The Douglas-Cherokee economic authority shall be eligible to be a participating employer in the Tennessee consolidated retirement system upon:

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Terms Used In Tennessee Code 8-35-223

  • board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
  • 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
  • Prior service: means service rendered prior to the date of membership in the retirement system for which credit was given under the terms of one (1) or more of the superseded systems as provided in part 6 of this chapter. 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
  • 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
(1) Passage of a resolution by the authority’s board of directors authorizing an actuarial study; and
(2) Passage of a resolution by the authority’s board of directors authorizing such participation and accepting the liability as a result of the participation by its full-time employees.
(b) The employees of the authority shall make the same contributions, participate in the same manner, and shall be eligible for the same benefits as employees of local governments participating in the retirement system under this part.
(c) The employees shall be entitled to credit for prior service as approved by the board of directors of the authority under the same provisions which apply to employees of local governments.
(d) The retirement system shall not be liable for the payment of retirement allowances or other payments on account of employees of the authority or their beneficiaries, for which reserves have not been previously created from funds contributed by the authority and/or its employees.
(e) It is the legislative intent that the state shall realize no increased cost as a result of this section. All costs associated with retirement coverage, including administrative costs, shall be the responsibility of the authority.
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