Tennessee Code 49-5-906 – Eligibility for benefits
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Terms Used In Tennessee Code 49-5-906
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- teacher: means and includes any director of schools, assistant director of schools, principal, assistant principal, supervisor, assistant supervisor, persons in charge of any special department of instruction, and any teacher or instructor regularly employed as such by the school board of such city or county, town or district. See Tennessee Code 49-5-903
Every teacher who has annually contributed to the fund in accordance with this part for at least five (5) years and has taught in the public schools not less than twenty-five (25) years, fifteen (15) years of which have been in the public schools of a city, town, county or district, may be retired by the board of education, and shall have the right to voluntarily retire from such service and become the beneficiary of this part. Every such teacher so retiring or retired shall be entitled to an annuity for the remainder of the teacher’s life, to be paid out of the fund, an amount as provided by § 49-5-904.