Tennessee § 17-534 - Termination of system.

§ 17-534. Termination of system.

In the event this chapter is repealed in its entirety, including amendatory acts thereto, the retirement board shall prepare a list of all members, retired members, and beneficiaries, showing for each, as of the date of such repeal, the following: For each retired member or beneficiary receiving benefits, the amount and terms of payment of such benefits. For each member entitled to a deferred benefit as provided in § 17-524(a) or § 17-530(b), the amount and terms of payment of such benefit. The benefits shown on the above list will then be separated into “priority classes” as follows: Priority Class A: Benefits for members who have reached their fifty-fifth birthdays, benefits for retired members who have reached their fifty-fifth birthdays, and benefits for survivors and beneficiaries of all deceased members or retired members. Priority Class B: Benefits for members, retired members who are receiving benefits and terminated members entitled to a deferred benefit as provided in § 17-524(a) or § 17-530(b); provided however, that they have reached their fiftieth but not their fifty-fifth birthdays and have completed eight (8) years of credited service. Priority Class C: Benefits for all other members and retired members. The board will then arrange for the liquidation of all assets held in the fund maintained in connection with the system and prepare a statement of the liquidated value of such assets. The board will then arrange for the application of the assets of the fund to purchase annuities from an insurance company or companies, to provide in full, if such assets are sufficient to do so, the benefits in priority class A. If such assets are not sufficient to purchase one hundred per cent (100%) of benefits in priority class A, they shall be applied in full to purchase such uniform percentage as can be purchased. If the assets of the fund are more than sufficient to purchase one hundred per cent (100%) of the benefits in priority class A, the remainder shall be applied in the same manner to purchase all or a uniform percentage of benefits in priority class B. If the remaining assets are more than sufficient to purchase one hundred per cent (100%) of the benefits in priority class B, the remainder shall be applied in the same manner to purchase all or a uniform percentage of benefits in priority class C. If the remaining assets are more than sufficient to purchase one hundred per cent (100%) of the benefits in priority class C, the remainder shall revert to the state. Upon completion of the steps specified above, this chapter shall be considered repealed, and no member, retired member or beneficiary shall have any further right or claim to benefits under this chapter. Acts 1963, ch. 206, § 34; 1970 (Adj. S.), ch. 556, § 13.