8-36-307 - Group 2 members Eligibility and computation of allowance. - Tennessee Statutes

8-36-307. Group 2 members Eligibility and computation of allowance.

(a)  Any member in Group 2 who is employed by a political subdivision and who elected to come under the provisions of § 8-36-201(b)(2)(A) shall be eligible for early service retirement upon completion of twenty (20) years of service regardless of age. Any member retiring under the provisions of this section shall be entitled to receive a reduced retirement allowance based on the member's age which is the actuarial equivalent of the benefit provided in § 8-36-206 at fifty-five (55) years of age. The provisions of this section must be approved by the chief governing body of the employing political subdivision within ninety (90) days of July 1, 1984.

(b)  Any member in Group 2, who is employed by a political subdivision and who elected to come under the provisions of § 8-36-201(b)(2)(A), shall be eligible for early service retirement upon completion of twenty (20) years of service regardless of age. Any member retiring under the provision of this section shall be entitled to a retirement allowance reduced by four tenths of one percent (.4%) for each month for which the member's date of early retirement precedes such member's service retirement date. The provisions of this subsection (b) must be approved, along with acceptance of the associated liability, by the chief governing body of the employing political subdivision within ninety (90) days of July 1, 1986.

[Acts 1984, ch. 598, § 1; 1986, ch. 920, § 1.]