Tennessee Code 8-34-321 – Replacement of pension administration system
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 8-34-321
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Retirement: means withdrawal from membership with a retirement allowance granted under chapters 34-37 of this title. 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
Subject to appropriation made in the general appropriations act, the retirement system may procure goods and services for a pension administration system that may replace the system currently in existence as of April 8, 2022. The retirement system may pay from the earnings of the Tennessee retiree group trust and may charge some or all of the group trust participants, the cost for the development and implementation of the replacement system, as well as other technology improvements; provided, however, that any costs associated with the on-going maintenance of the replacement system or such improvements, or the state personnel necessary for maintaining the replacement system or such improvements, must not be funded pursuant to this section.