8-36-302 - Eligibility and computation of allowances. - Tennessee Statutes

8-36-302. Eligibility and computation of allowances.

(a)  Notwithstanding any provisions to the contrary, beginning on November 1, 1982, any:

     (1)  General employee;

     (2)  Firefighter or police officer of a participating political subdivision;

     (3)  Teacher; or

     (4)  Member of a local retirement system who is not eligible for social security coverage, based upon such member's employment;

shall be eligible for early service retirement upon the completion of ten (10) years of membership service in a position covered by this system, a superseded system or a local retirement system.

(b)  The retirement allowance, as provided under this section, shall be computed as a service retirement allowance and reduced by the greater of:

     (1)  Four tenths of one percent (.4%) for each month by which the date of early service retirement precedes the service retirement date; or

     (2)  An actuarial equivalent of the retirement allowance.

[Acts 1979, ch. 154, § 1; T.C.A., § 8-3908.]