Tennessee Code 8-36-915 – Administration of the defined benefit component of the hybrid plan
Terms Used In Tennessee Code 8-36-915
- 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
- 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
Except as otherwise provided in this part, administration of the defined benefit component of the hybrid plan shall be governed by chapters 34-37 of this title and administration of the optional retirement program shall be governed by chapter 25; provided, however, that any reference in chapters 34-37 of this title to the eligibility requirements for an early or service retirement allowance under the hybrid plan shall for purposes of this part mean the eligibility requirements set forth in §§ 8-36-906 and 8-36-910. Any reference in chapters 34-37 of this title to the formula for computing an early or service retirement allowance, or for computing a disability retirement allowance under the hybrid plan shall for purposes of this part mean the applicable formula as set out in §§ 8-36-907 – 8-36-909 and §§ 8-36-911 – 8-36-913.