8-37-305 - Discontinuance of the accrued liability contribution. - Tennessee Statutes

8-37-305. Discontinuance of the accrued liability contribution.

The accrued liability contribution shall be discontinued for any member classification as soon as the accumulated reserve in the state accumulation fund for such classification shall equal the present value, as actuarially computed and approved by the board of trustees, of the total liability of such fund for such classification, less the present value computed on the basis of the normal contribution rate then in force, of the prospective normal contributions to be received on account of all persons who are at the time members in such classification.

[Acts 1972, ch. 814, § 8; T.C.A., § 8-3930(2).]