Tennessee § 8-25-211 - Cash withdrawal from program — Effect of cash withdrawal.

§ 8-25-211. Cash withdrawal from program — Effect of cash withdrawal.

Upon retiring or otherwise terminating employment, an employee participating in an optional retirement program may elect to receive a cash withdrawal of such employee's accumulated account or accounts if permitted by the relevant optional retirement product and the Internal Revenue Code, as amended, and all rules, regulations, notices, and interpretations released by the United States treasury, including the internal revenue service. Any employee who receives a cash withdrawal pursuant to this section shall not be entitled to reestablish the withdrawn amount or any period of service represented by that amount in either the optional retirement program, the retirement system, or any other Tennessee state retirement program. Acts 2015, ch. 118, § 1; 2018, ch. 576, § 13. Code Commission Notes. Acts 2015, ch. 118, § 1 enacted this part as part 6 of Title 8, Chapter 25, but the part has been redesignated as part 2 by authority of the Code Commission. Amendments. The 2018 amendment, in the first sentence, deleted “up to fifty percent (50%) of” following “cash withdrawal of” and substituted “optional retirement product and the Internal Revenue Code, as amended, and all rules, regulations, notices, and interpretations released by the United States treasury, including the internal revenue service” for “optional retirement company, and if the employee applies for and begins receiving a lifetime distribution of the remaining portion of such employee's accumulated account or accounts” at the end. Effective Dates. Acts 2018, ch. 576, § 14. March 16, 2018.