Tennessee § 17-505 Compensation of board - Nonliability of members

Tennessee Statutes

§ 17-505 — Compensation of board - Nonliability of members

Tennessee § 17-505

Title8

This text of Tennessee § 17-505 (Compensation of board - Nonliability of members) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 17-505 (2026).

Text

Members of the board shall serve without compensation as board members, but shall be reimbursed for the actual expenses incurred by them in the performance of their duties. The board shall be fully protected with respect to any action taken or suffered by the board in good faith in reliance upon the advice or opinion of any of the foregoing, and all actions so taken or suffered shall be conclusive upon each of them and upon all members or the persons interested in the system. The board shall not be liable for the making, retention, or sale of any investment or reinvestment made by it nor for any loss to or diminution of the fund, except due to its own gross negligence, willful misconduct, or bad faith.

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Members of the board shall serve without compensation as board members, but shall be reimbursed for the actual expenses incurred by them in the performance of their duties. The board shall be fully protected with respect to any action taken or suffered by the board in good faith in reliance upon the advice or opinion of any of the foregoing, and all actions so taken or suffered shall be conclusive upon each of them and upon all members or the persons interested in the system. The board shall not be liable for the making, retention, or sale of any investment or reinvestment made by it nor for any loss to or diminution of the fund, except due to its own gross negligence, willful misconduct, or bad faith.