Tennessee Code 8-36-905 – Establishing service credit under Tennessee consolidated retirement system
Terms Used In Tennessee Code 8-36-905
- Defined benefit component: means the portion of the hybrid plan that provides a defined benefit plan within the retirement system, but which has its own vesting, benefit structure, and contribution requirements as set forth in this part. See Tennessee Code 8-36-902
- Hybrid plan: means a plan that provides a combination of a defined benefit plan and a defined contribution plan which, together, are intended to comply with the provisions of the Internal Revenue Code (26 U. See Tennessee Code 8-36-902
- Participant: means any state employee, teacher, or political subdivision employee participating in the hybrid plan. See Tennessee Code 8-36-902
- 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
Any participant who desires to establish service credit pursuant to chapters 34-37 of this title shall pay employee contributions to the defined benefit component of the plan equal to the amount of the employee contributions required under the terms of the hybrid plan as they existed at the time the service was established, plus interest at the rate provided in § 8-37-214. In the case of refunded service, the amount shall be equal to the total amount that was previously withdrawn, plus interest at the rate provided in § 8-37-124. Any service established or reestablished pursuant to this section shall be credited under the terms of the hybrid plan as they existed at the time the service was established and not at the time the service was rendered.