Tennessee § 8-4005 - Compensation of board — Restriction on liability.
Full text of Tennessee Tennessee Code Annotated § 8-4005 — Compensation of board — Restriction on liability., with citation guidance and answers to common questions.
§ 8-4005. Compensation of board — Restriction on liability.
Members of the board shall serve without compensation as board members, but shall be reimbursed for the actual expenses incurred by them in the performance of their duties. The board shall be fully protected with respect to any action taken or suffered by the board in good faith in reliance upon the advice or opinion of any of the foregoing, and all actions so taken or suffered shall be conclusive upon each of them and upon all members or the persons interested in the system. The board shall not be liable for the making, retention, or sale of any investment or reinvestment made by it nor for any loss to or diminution of the fund, except due to its own gross negligence, willful misconduct, or bad faith. Acts 1968 (Adj. S.), ch. 617, § 5.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 8-4005
What does Tennessee Code Annotated § 8-4005 cover?
Section 8-4005 ("Compensation of board — Restriction on liability.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 8-4005?
A common citation format is "Tennessee Code Annotated § 8-4005" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 8-4005 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.