§ 49-1552 — Minimum monthly allowance - Supplemental payments - Minimum benefit fund

Tennessee § 49-1552

• Jurisdiction: Tennessee
• Title: 8

Text

(1) The minimum monthly retirement allowance before modification under any optional provision payable to any member who retired prior to July 1, 1967, or who shall retire thereafter, shall be, for a class A member, four dollars and thirty-four cents ($4.34) multiplied by the total number of years of his creditable service; and, shall be, for a class B member, five dollars ($5.00) multiplied by the total number of years of his creditable service. (2) In determining the minimum allowance payable in accordance with subsection (1) of this § 49-1552 in the case of any teacher who is a member of a local retirement fund whose retirement becomes effective on or after July 1, 1967, and to whom or on whose account a state annuity is payable there shall be deducted the teacher annuity that would have been payable to him had he been a member of the Tennessee teachers' retirement system, provided that the state annuity payable to or on account of any local member who retired prior to July 1, 1967, shall not be less than was paid prior to that date; provided, however, that any increases under any amendment effective on or after July 1, 1967, in the minimum benefit provision payable on behalf of members of local retirement systems shall be paid directly to said local member as a supplement from the Tennessee teachers' retirement system. (3) Notwithstanding any provisions of the law to the contrary, any member retired prior to July 1, 1967, or any other person who taught in the public schools of Tennessee after July 1, 1945, and has not or is not now receiving benefits under the provisions of § 49-1311, and who establishes evidence to the satisfaction of the board of trustees of at least ten (10) years of teaching service in the public schools of Tennessee shall be entitled to receive benefits for said years limited to the provisions of § 49-1552; provided, however, that benefits based upon teaching after July 1, 1945, shall be allowed only under any of the following conditions: (1) when a person's contributions are withdrawn but repaid to the retirement system with interest at six per cent (6%) per annum from the date of withdrawal of such contributions to date of repayment, (2) when a member whose retirement account has become inactive because of too much absence from teaching service and his accumulated contributions have not been withdrawn but who pays to the retirement system six per cent (6%) interest per annum on his accumulated account from the date his account became inactive to the date such interest is paid, or (3) when a teacher who failed to become a member of the retirement system by officially electing to be a nonmember as provided in subsection (2) of § 49-1509, pays to the retirement system the total amount of all the contributions he otherwise would have contributed to the retirement system during said period of nonmembership, plus interest at six per cent (6%) per annum for each year that his funds normally would have been on deposit with the retirement system. (4) Notwithstanding any other provisions to the contrary in this chapter, in the event of the death of a member retired prior to June 1, 1971, under either option 2 or option 3 of § 49-1553, who was receiving a supplement under § 49-1552, the designated beneficiary of said retired member shall after June 1, 1971, receive fifty per cent (50%) of said supplement and this shall be in addition to the amount said beneficiary is otherwise eligible to receive.

Legislative History

Acts 1949, ch. 39, § 1; C. Supp. 1950, § 2540.5 (Williams, § 2524.5a); Acts 1953, ch. 112, § 1; modified; 1957, ch. 87, §§ 18-20; impl. am. Acts 1959, ch. 9, § 3; Acts 1961, ch. 62, § 27; impl. am. Acts 1961, ch. 97, § 3; Acts 1963, ch. 119, § 1; 1963, ch. 250, § 5; 1965, ch. 170, § 9; 1966 (2nd E. S.), ch. 1, § 1; 1967, ch. 251, § 16; 1968 (Adj. S.), ch. 489, § 1; 1970 (Adj. S.), ch. 389, § 2; 1971, ch. 331, §§ 1, 2.