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Current as of January 02, 2024 | Updated by Findlaw Staff
(a) For the purpose of determining eligibility for service retirement benefits, any teacher or state employee may establish retirement credit for previous service rendered as a public school teacher or full-time state employee in a state other than Tennessee or as a teacher in an overseas facility owned or operated by the United States department of defense under the following conditions:
(1) The previous service shall not be used in determining any rights under this chapter prior to the member being vested;
(2) The member is not receiving, and is not and will not be entitled to receive, retirement credit in any other retirement system for such previous service;
(3) The previous service does not exceed the number of years of creditable service in Tennessee;
(4) The previous service must be certified on proper documents as required by the board of trustees;
(5) The service shall only be credited for the purpose of establishing eligibility for retirement. No benefit shall be paid on such service; and
(6) The member shall make a lump sum payment equal to:
(A) If the previous service was rendered on or before June 30, 2000,
(i) The sum the member would have contributed had the member been a member during such period of out-of-state service;
(ii) Plus the employer contributions which would have been made in accordance with the contribution rates in effect during the period in which the service was rendered;
(iii) Plus interest on both at the rate provided by § 8-37-214.
(B) If the previous service was rendered after June 30, 2000,
(i) A sum equal to ten percent (10%) of the member's earnable compensation during such period of out-of-state service;
(ii) Plus interest at the rate provided by § 8-37-214.
(b) Notwithstanding subdivision (a)(2), if a member was in a defined contribution plan maintained on behalf of the member by an out-of-state public employer, the member shall be permitted to use other funds not in that plan to establish credit pursuant to this section.
Cite this article: FindLaw.com - Tennessee Code Title 8. Public Officers and Employees § 8-34-620 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-8-public-officers-and-employees/tn-code-sect-8-34-620/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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