Tennessee § 8-36-304 - Computation of allowance.

§ 8-36-304. Computation of allowance.

The early service retirement allowance calculated under this part shall be computed as a service retirement allowance in accordance with part 2 of this chapter on the basis of the member's average final compensation and creditable service at the time of early service as follows: For a Group 1 member retiring under § 8-36-301(a)(1), reduced by four tenths of one percent (0.4%) for each month by which the member's date of early retirement precedes such member's service retirement date. If the member's creditable service is less than ten (10) years, the reduced benefit shall be further limited in accordance with the following: Creditable Service Percent Reduced Benefit Due at least 4 years 10% at least 5 years 25% at least 6 years 40% at least 7 years 55% at least 8 years 70% at least 9 years 85% at least 10 years 100% For a Group 1 member retiring under § 8-36-301(a)(2), the actuarial equivalent of the benefit as reduced under subdivision (1)(A) which would be payable at fifty-five (55) years of age; For a Group 2 member retiring under § 8-36-301(b)(1), reduced by four tenths of one percent (0.4%) for each month by which the member's date of early retirement precedes such member's service retirement date. For a Group 2 member retiring § 8-36-301(b)(2), reduced by four tenths of one percent (0.4%) for each month by which the member's date of early retirement precedes such member's attainment of fifty-five (55) years of age; and For a Group 3 member retiring under § 8-36-301(c), reduced by four tenths of one percent (0.4%) for each month by which the member's date of early retirement precedes such member's completion of twenty-four (24) years of creditable service. Acts 1972, ch. 814, § 5; T.C.A., § 8-3909(a); Acts 1984, ch. 601, § 4; 1986, ch. 554, § 16; 1997, ch. 67, § 3. Cross-References. Maximum allowances, §§ 8-36-102 , 8-36-208 . Textbooks. Tennessee Jurisprudence, 16 Tenn. Juris., Judges, § 26. Law Reviews. Survey of Tennessee Constitutional Law in 1976-77, V. Impairment of Contract (Kenneth L. Penegar), 46 Tenn. L. Rev. 148 (1978).