Tennessee § 65-161 - Public service commissioners' retirement fund — Sources — Transfers of funds — Administration and use of funds.

§ 65-161. Public service commissioners' retirement fund — Sources — Transfers of funds — Administration and use of funds.

For the purpose of providing funds necessary under the public service commissioners' retirement system and in order to make such system actuarially sound and solvent there is hereby created and established a public service commissioners' retirement fund, to be composed of: (1) contributions paid by any commissioner with respect to prior service, or transferred from any other retirement system in the manner prescribed by § 65-152(b) and/or § 65-166; (2) paid by the commissioners with respect to future service as prescribed by § 65-166; (3) an amount equal to the sum of the employer's contribution made by the state of Tennessee to the state retirement fund as an incident to the contributions made to such fund by any commissioner who elects to come within the provisions of §§ 65-151 — 65-168, which moneys are hereby transferred and made a part of the public service commissioners' retirement system, any provisions of this Code to the contrary notwithstanding; (4) any and all moneys appropriated to the public service commissioners' retirement system by the provisions of § 65-163 or by any further act making such appropriations, and (5) the income from the investment or reinvestment of said fund in the manner prescribed by § 65-163. The fund shall be administered and utilized as a trust fund and shall be used for the purpose of providing benefits in accordance with the provisions of the public service commissioners' retirement system as established by §§ 65-151 — 65-168, and shall be the means of financing benefits and financing expenses of administering the fund by the board in accordance with the provisions of said sections. Acts 1969, ch. 231, § 5.