8-25-105 - Investment of funds from program. - Tennessee Statutes

8-25-105. Investment of funds from program.

Notwithstanding any other law to the contrary, the chair of the consolidated retirement board, and the appropriately designated local officer or local board responsible for implementing a deferred compensation program are hereby authorized to invest the moneys held pursuant to any such deferred compensation plan in investment options that meet the requirements of the Internal Revenue Code. This section shall not apply to deferred or tax-sheltered compensation plans maintained on behalf of employees of institutions of higher education pursuant to § 403(b) of the Internal Revenue Code, codified in 26 U.S.C. § 403(b). The chancellor of the board of regents for any § 403(b) plan maintained on behalf of employees of institutions thereunder, and the president of the University of Tennessee for any § 403(b) plan maintained on behalf of employees of institutions thereunder shall be responsible for investing the monies held pursuant to any such plan in investment options that meet the applicable requirements of the Internal Revenue Code.

[Acts 1973, ch. 359, § 5; T.C.A., § 8-4305; Acts 1980, ch. 562, § 2; 1983, ch. 282, § 3; 1993, ch. 67, § 8; 2006, ch. 870, § 2; 2009, ch. 142, § 10.]