(a) Notwithstanding anything in this part to the contrary, the retirement system shall not be liable for the payment of any retirement allowances or other benefits on account of the employees or beneficiaries of any employer participating under this part for which reserves have not been previously created from funds contributed by such employer or its employees for such benefits.
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Terms Used In Tennessee Code 8-35-210

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Employer: means :
    (A) The state or any department, commission, institution, board or agency of the state government by which a member is paid, with respect to members in its employ. See Tennessee Code 8-34-101
  • Month: means a calendar month. See Tennessee Code 1-3-105
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Retirement: means withdrawal from membership with a retirement allowance granted under chapters 34-37 of this title. See Tennessee Code 8-34-101
(b) Benefits payable on behalf of political subdivisions participating under this part shall not be paid if assets credited to that political subdivision are not equal to or greater than their benefit obligation for that month. Retroactive benefits shall be paid upon accumulation of sufficient assets.
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