(a) The retirement allowance of any beneficiary under the Tennessee teachers’ retirement system or the Tennessee state retirement system shall be increased as of July 1, 1972, as follows:

Terms Used In Tennessee Code 8-36-708

  • Average final compensation: means the average annual earnable compensation of a member during the five (5) consecutive years of the member's creditable service affording the highest such average, or during all of the years in the member's creditable service if less than five (5) years. See Tennessee Code 8-34-101
  • 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
  • Beneficiary: means any person, persons or institution receiving a retirement allowance or other benefit as provided in chapters 34-37 of this title. See Tennessee Code 8-34-101
  • Creditable service: means prior service plus membership service, as provided in part 6 of this chapter. See Tennessee Code 8-34-101
  • Member: means any person included in the membership of the retirement system, as provided in chapter 35, part 1 of this title. See Tennessee Code 8-34-101
  • 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
  • Retirement system: means the Tennessee consolidated retirement system as defined in §. 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
  • State: means the state of Tennessee. See Tennessee Code 8-34-101
(1) The retirement allowance which would otherwise be payable, without regard to the election of any optional modification, shall be increased by ten percent (10%) of the amount of retirement allowance which would otherwise be payable before application of any flat minimum benefit formula or any post retirement increase and without regard to the election of any optional modification, but the total retirement allowance shall not exceed seventy-five percent (75%) of the beneficiary‘s average final compensation.
(2) The retirement allowance recomputed under subdivision (a)(1) shall not be less than sixty-four dollars and eight cents ($64.08) for a retired former Class A member, multiplied by the number of years of the member’s creditable service, nor less than seventy-two dollars ($72.00) for a retired former Class B member, multiplied by the number of years of the member’s creditable service.
(3) In no event shall the increase in the retirement allowance of any beneficiary under this section be less than twelve dollars ($12.00) multiplied by the number of years of creditable service.
(b) Notwithstanding the foregoing, any member of the Tennessee state retirement system who retired as a Class C member of that system or under the special benefit provisions of that system applicable to firefighters and police officers or wildlife officers shall not be entitled to an increase in the member’s retirement allowance under this section.
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