Tennessee § 8-37-601 - Additional funds for public service commissioners' retirement.

§ 8-37-601. Additional funds for public service commissioners' retirement.

For the purpose of providing funds to aid in meeting the cost of benefits provided by chapters 34-37 of this title for commissioners, there is appropriated to the retirement system annually a sum equal to the amount of employer contributions required on account of commissioners pursuant to part 3 of this chapter. Such appropriation to be paid out of the unexpended balance standing to the credit of the department of safety in the “motor vehicle account” prescribed by § 65-15-112. The “motor vehicle account” is comprised of the motor carrier inspection, supervision and control fees set forth in § 65-15-112 and of all fines, fees and penalties collected by virtue of title 65, chapter 15, and/or out of the unexpended balance standing to the credit of the department of safety in the “public utilities account” prescribed by § 65-4-307. The “public utilities account” is comprised of the inspection, control and supervision fees and penalties therein required to be paid to the department of safety by public utilities subject to its control and jurisdiction, as prescribed by §§ 65-4-116 — 65-4-118, and title 65, chapter 4, part 3. Notwithstanding anything herein to the contrary, the funds appropriated by this section shall not exceed four percent (4%) annually of the balance in the motor vehicle account and the public utilities account as of the first day of the preceding fiscal year, together with a like percentage of all moneys paid into those accounts during such preceding fiscal year. Acts 1972, ch. 814, § 8; T.C.A., § 8-3932(e); Acts 1995, ch. 305, § 92. Code Commission Notes. This section was renumbered from § 8-37-605 to § 8-37-601 by authority of the Code Commission in 2016.