United States — Tennessee
TCA § 9-3-502 — Applicability of part
1 provisions
This part applies to political subdivisions that provide defined benefit plans not administered by the Tennessee consolidated retirement system.
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United States — Tennessee
TCA § 9-3-503 — Part definitions
1 provisions
This section defines key pension terms used in the part.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-3-504 — Political subdivisions to develop funding policies
1 provisions
Political subdivisions with defined benefit pension plans must adopt a funding policy, get it approved by resolution, keep it in force until amended, and submit it to the comptroller within 30 days of adoption.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-3-505 — Payments by political subdivision to pension plan — Annual funding progress percentage — Plan of correction
1 provisions
Political subdivisions must generally pay at least 100% of the ADC to the pension plan each year, and they may pay more.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-3-506 — Provisions applicable to political subdivision's administration of pension plan benefits
1 provisions
Political subdivisions may change some pension terms for employees hired on or after May 22, 2014, but they need written approval from the state treasurer before certain benefit enhancements or new pension plans, and accrued benefits generally cannot be reduced without employee consent.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-3-507 — Withholding of money from state-shared taxes to be paid to political subdivision's pension plan in event of failure to pay established percentages
1 provisions
If a political subdivision fails to fund the ADC at the required percentages, state finance officials may withhold state-shared taxes and send the withheld money to the subdivision’s pension plan.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-4-1001 — Pension stabilization reserve trust fund
1 provisions
The trust is created and funded by employer contributions and investment income, administered by the treasury department, used only for the Hybrid Retirement Plan’s participants and beneficiaries, and the attorney general and reporter must approve the trust terms.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-4-1002 — Trustees
1 provisions
Certain state officials, or their designees, must serve as trustees of the trust. The comptroller of the treasury must also act as chair and preside over all trustee meetings and proceedings.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-4-1003 — Investment policy — Individual separate stabilization reserve trust accounts
1 provisions
Trustees must adopt an investment policy for the trust, and the state treasurer must manage investment and reinvestment under that policy.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-4-1004 — Purpose of trust fund — Certification of amount needed to fund benefits — Use of assets
1 provisions
The trust fund must be used only for the section’s purpose and reasonable administration/investment expenses, and trustees may transfer money to an employer reserve account if they decide it is in beneficiaries’ best interests.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-4-1005 — Suspension of deposits of employer contributions
1 provisions
Employer contribution deposits to the pension stabilization reserve trust fund are suspended or reinstated based on the employer’s account balance compared with a trustee-set maximum amount.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-4-1006 — Annual financial reports
1 provisions
Trustees must prepare annual financial reports after each fiscal year ends, and the trust’s reports, books, accounts, and financial records are subject to audit by the comptroller of the treasury.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-4-101 — Collateral
1 provisions
“Collateral” means eligible collateral pledged by a state depository.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-4-102 — Default
1 provisions
“Default” includes several events involving a state depository, such as failing to return state deposits, pay state-drawn instruments, honor electronic transfer requests, account for entrusted funds, or being restrained or put into receivership.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-4-103 — Eligible collateral
1 provisions
This section defines what counts as eligible collateral and lets the state treasurer accept or require certain collateral, subject to listed conditions.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-4-104 — Loss
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“Loss” is defined to include the state deposit principal, accrued interest through default, additional interest through payment or sale, and attorney’s fees.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-4-105 — Required collateral
1 provisions
“Required collateral” means collateral valued at 105% of the secured state deposit, minus any amount protected by federal deposit insurance.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-4-106 — State deposit
1 provisions
“State deposit” means all state funds placed in a state depository, plus any interest earned on them.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-4-107 — State depository
1 provisions
This section defines who can be a state depository, bars ATMs from counting as branches here, and gives officials power to make certain depository designations and trust agreements.
Act or statute Open & ChatUnited States — Tennessee
TCA § 9-4-108 — Trustee custodian
1 provisions
This section defines “trustee custodian” and requires certain out-of-state financial institutions to meet listed conditions before applying for designation.
Act or statute Open & Chat