The early service retirement allowance calculated under this part shall be computed as a service retirement allowance in accordance with part 2 of this chapter on the basis of the member‘s average final compensation and creditable service at the time of early service as follows:

(1)

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Terms Used In Tennessee Code 8-36-304

  • Actuarial equivalent: means a benefit of equal value when computed at regular interest upon the basis of the mortality tables last adopted for such purpose by the board of trustees. See Tennessee Code 8-34-101
  • Average final compensation: means the average annual earnable compensation of a member during the five (5) consecutive years of the member's creditable service affording the highest such average, or during all of the years in the member's creditable service if less than five (5) years. See Tennessee Code 8-34-101
  • Creditable service: means prior service plus membership service, as provided in part 6 of this chapter. See Tennessee Code 8-34-101
  • 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
  • Service retirement date: means the date on which a member first becomes eligible for a service retirement allowance, or would first become eligible for a service retirement allowance if the member were to remain in service until such date, as provided in §. See Tennessee Code 8-34-101
(A) For a Group 1 member retiring under § 8-36-301(a)(1), reduced by four tenths of one percent (0.4%) for each month by which the member’s date of early retirement precedes such member’s service retirement date. If the member’s creditable service is less than ten (10) years, the reduced benefit shall be further limited in accordance with the following:

Creditable Service

Reduced Benefit Due Percent

at least 4 years

10%

at least 5 years

25%

at least 6 years

40%

at least 7 years

55%

at least 8 years

70%

at least 9 years

85%

at least 10 years

100%
(B) For a Group 1 member retiring under § 8-36-301(a)(2), the actuarial equivalent of the benefit as reduced under subdivision (1)(A) which would be payable at fifty-five (55) years of age;
(2)

(A) For a Group 2 member retiring under § 8-36-301(b)(1), reduced by four tenths of one percent (0.4%) for each month by which the member’s date of early retirement precedes such member’s service retirement date.
(B) For a Group 2 member retiring § 8-36-301(b)(2), reduced by four tenths of one percent (0.4%) for each month by which the member’s date of early retirement precedes such member’s attainment of fifty-five (55) years of age; and
(3) For a Group 3 member retiring under § 8-36-301(c), reduced by four tenths of one percent (0.4%) for each month by which the member’s date of early retirement precedes such member’s completion of twenty-four (24) years of creditable service.
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