Tennessee § 8-35-232 - Entity ineligible to participate in retirement system if participation would adversely affect system's status as a qualified plan.

§ 8-35-232. Entity ineligible to participate in retirement system if participation would adversely affect system's status as a qualified plan.

Notwithstanding any provision of this chapter to the contrary, no entity shall be eligible to participate in the retirement system if the chair of the Tennessee consolidated retirement system determines, in the chair's sole discretion, that the entity's participation could have a potentially adverse effect on the retirement system's status as a qualified plan under the Internal Revenue Code, (U.S.C. title 26) and regulations. In making such determination, the chair may rely on the advice of a nationally recognized counsel in the area of government employee benefit plans. Acts 2013, ch. 296, § 15; T.C.A. § 8-35-319 ; Acts 2014, ch. 659, § 16. Compiler's Notes. Former § 8-35-232 (Acts 1988, ch. 742, § 1), concerning retirement credit for service by volunteer firefighters, was repealed by Acts 1993, ch. 67, § 37, effective March 25, 1993.