Tennessee § 8-25-105 - Investment of funds from program.

§ 8-25-105. Investment of funds from program.

Notwithstanding any other law to the contrary, the chair of the consolidated retirement board, and the appropriately designated local officer or local board responsible for implementing a deferred compensation program are hereby authorized to invest the moneys held pursuant to any such deferred compensation plan in investment options that meet the requirements of the Internal Revenue Code. It is the intent of the general assembly that a variety of investment options be offered to participants in the plan, which may include one (1) or more commingled funds in which assets in the custody of the state treasurer that consist exclusively of assets of exempt pension and profit sharing trusts and individual retirement accounts, custodial accounts, retirement income accounts, governmental plans and tax-exempt trusts under the Internal Revenue Code of 1986 and Rev. Rul. 81-100, as modified by Rev. Ruls. 2004-67, 2008-40 and 2011-1 are pooled, solely for investment purposes, in a common or group trust fund. The assets so invested shall be subject to all the provisions of the group trust instruments establishing and governing such trust or trusts. Those instruments of group trusts, including any subsequent amendments, are hereby incorporated by reference and made a part of the plan. [Deleted by 2018 amendment.] Acts 1973, ch. 359, § 5; T.C.A., § 8-4305; Acts 1980, ch. 562, § 2; 1983, ch. 282, § 3; 1993, ch. 67, § 8; 2006, ch. 870, § 2; 2009, ch. 142, § 10; 2013, ch. 259, § 2; 2014, ch. 659, § 2; 2018, ch. 576, § 7. Compiler's Notes. Acts 2013, ch. 259, § 6 provided that the board may promulgate rules, including emergency rules, in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, that the board deems necessary to effectuate title 8, chapter 36, part 9. Amendments. The 2018 amendment deleted former (c) which read: “This section shall not apply to deferred or tax-sheltered compensation plans maintained on behalf of employees of institutions of higher education pursuant to § 403(b) of the Internal Revenue Code, ( 26 U.S.C. § 403(b) ). The chancellor of the board of regents for any § 403(b) plan maintained on behalf of employees of institutions thereunder, and the president of the University of Tennessee for any § 403(b) plan maintained on behalf of employees of institutions thereunder shall be responsible for investing the monies held pursuant to any such plan in investment options that meet the applicable requirements of the Internal Revenue Code.” Effective Dates. Acts 2018, ch. 576, § 14. March 16, 2018. Attorney General Opinions. The Focus on College and University Success (“FOCUS”) Act does not amend or alter the Government Employees Deferred Compensation Plan Act with respect to the eligibility of employees of state universities in Tennessee’s state university and community college system to participate in the board of regents’ 403(b) plan. OAG 17-33, 2017 Tenn. AG LEXIS 33 (6/13/2017).