(a) In the case of a retired member of the superseded Tennessee teachers’ retirement system, the superseded Tennessee state retirement system, or the Tennessee consolidated retirement system who elected an optional form of benefit, the recomputation of the member’s retirement allowance determined under §§ 8-36-702 – 8-36-705, 8-36-706 [obsolete] shall be adjusted on the basis of the appropriate option in effect on June 30, 1972, or thereafter, but the actuarial equivalent factors in effect on July 1, 1972, or thereafter, shall be used to determine the increase in retirement allowance.

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Terms Used In Tennessee Code 8-36-705

  • 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
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: means any person, persons or institution receiving a retirement allowance or other benefit as provided in chapters 34-37 of this title. 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
  • 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
  • Superseded system: means , where applicable, the Tennessee state retirement system, the Tennessee teachers' retirement system, the Tennessee judges' retirement system, the retirement system for county paid judges of Tennessee, the attorneys general retirement system of Tennessee, the public service commissioners' retirement system, and the Tennessee retirement system for county officials, any one (1) of them, or any combination thereof. 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
(1) In the case of a retired teacher who elected Option I under the superseded Tennessee teachers’ retirement system, the teacher’s benefits shall be recomputed under the maximum plan as provided under the retirement system.
(2) In the case of a beneficiary of a deceased member of a superseded system, or the retirement system, in receipt of a monthly retirement allowance as the person designated under an election of an optional form of benefit, the increase in the retirement allowance to such beneficiary shall be determined as if the member had been living on the date of recomputation.
(b) The maximum plan, Option II and Option III of the superseded Tennessee teachers’ retirement system shall equate to the maximum plan, Option I and Option II of the retirement system respectively and the maximum plan, Option I and Option II of the superseded Tennessee state retirement system shall equate to the maximum plan, Option I and Option II of the retirement system respectively.
(c)

(1) A retired member of the superseded Tennessee teachers’ retirement system who designated a beneficiary under Option II or Option III of that system and a retired member of the superseded Tennessee state retirement system who designated a beneficiary under Option I or Option II of that system, may elect to have that member’s retirement allowance recomputed ab initio under the equivalent Option III or Option IV of the Tennessee consolidated retirement system by making written application and payment of any amount due to the Tennessee consolidated retirement system on or before April 30, 1976.
(2) Any increase in monthly retirement allowance shall not be paid retroactively, but shall become effective the next following month.
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