Tennessee § 8-36-119 - Retirement incentive plan.

§ 8-36-119. Retirement incentive plan.

A retirement incentive plan shall operate to benefit: state general employees, including general employees employed by institutions of higher education, teachers employed by the department of education, state policemen and state wildlife officers as such classifications are defined by chapter 39 of this title. State policemen classified as either prior Class C members or participating in Group 2 under the provisions of § 8-36-201(b)(2) shall be covered by the provisions of this section, if such members have twenty-five (25) years of Tennessee consolidated retirement system service credit, the last ten (10) of which shall be state service. Employees eligible to participate in the plan shall be current employees who have been employed full time by the state for the past five (5) years and who satisfy one (1) of the following criteria during the time the plan is in effect: Thirty (30) years or more of Tennessee consolidated retirement system retirement service credit, the last ten (10) of which shall be state service; Age sixty (60) or over with ten (10) or more years of Tennessee consolidated retirement system retirement service credit, the last ten (10) of which shall be state service; Age fifty-five (55) or over with twenty-five (25) or more years of Tennessee consolidated retirement system retirement service credit, the last ten (10) of which shall be state service; or If employed as state policemen or state wildlife officers, age fifty-five (55) or over with ten (10) or more years of Tennessee consolidated retirement system retirement service credit, the last ten (10) of which shall be state service. The plan shall operate for a period of ninety (90) days beginning on or after May 1, 1987, as determined by executive order. The purpose of the plan shall be to reward employees who choose to retire during the period the plan is in effect with a cash bonus. To be eligible to receive the bonus, the employee must terminate active state employment during the ninety-day period and file an application for retirement during the ninety-day period. In addition, the employee may not later be reemployed by the state except under the provisions of § 8-36-805. This bonus shall be equal to two thousand dollars ($2,000) plus the longevity pay the employee would receive during the 1987-1988 fiscal year if he had continued to work for the state. Payment to the employee shall be made after July 1, 1987. The bonus shall not be included in determining the employee's average final compensation for retirement purposes, nor shall it be subject to retirement contributions. The commissioner of finance and administration shall develop a plan for operation of the retirement incentive program to ensure that sufficient payroll savings will be generated to fund all cash bonuses provided for herein and all additional retirement liability created hereby. The plan shall provide for the lump sum payment of any additional retirement liability created by implementation of this subsection. The plan shall be submitted to the council on pensions and retirement for written comment. Upon receipt of written comment from the council on pensions and retirement, but prior to implementation, the plan must be approved by the comptroller of the treasury and the state treasurer. Acts 1987, ch. 243, § 1; 1987, ch. 267, § 2. Compiler's Notes. This section has been deemed by the Code Commission to be obsolete.