8-34-703 - Rights of prior class members preserved. - Tennessee Statutes

8-34-703. Rights of prior class members preserved.

Any prior class member shall be entitled to benefits under the retirement system determined in accordance with the provisions of the superseded system of which such member shall have been a member, as in effect on July 1, 1972, with the following modifications:

     (1)  The rate of benefits applicable to the “average final compensation” of Class B members of the Tennessee teachers' retirement system and to the “average compensation” of Class B members of the Tennessee state retirement system shall be increased from one and three-fourths percent (1 ¾%) to one and seven-eighths percent (1 7/8%).

     (2)  The provisions of §§ 8-34-602(e), 8-34-712 and this section shall apply to present members of Group 3 as well as members coming into Group 3 prior to September 1, 1974.

[Acts 1972, ch. 814, § 11; 1975, ch. 315, § 5; T.C.A., § 8-3935(4).]