8-35-401 - Establishment.
8-35-401. Establishment.
(a) The board of trustees, at the request of the board of trustees of the University of Tennessee and of the board of regents, may establish for employees of public institutions of higher education an optional retirement program under this part.
(b) In establishing such an optional retirement program, the board of trustees shall make such rules and regulations as it deems necessary and proper for the effective functioning of the program.
(c) The board of trustees shall further designate a minimum of two (2) companies, not to exceed three (3), from which investment products are to be purchased under such optional retirement program.
(d) [Deleted by 2004 amendment.]
(e) The board of trustees, at the request of the board of trustees of the University of Tennessee and of the board of regents, may authorize the adoption of optional features to such programs. Any such authorization shall be subject to the approval of the council on pensions and insurance. For the purposes of this subsection (e) optional features does not include optional investment products.
(f) The companies designated to provide the optional retirement program are hereby authorized to make available optional investment products to the employees of the board of trustees of the University of Tennessee and of the board of regents that have elected to participate in the program. The companies shall act in a fiduciary capacity in selecting investment products that are suitable for the optional retirement program. It shall be the duty of the companies to report to the board of trustees the optional investment products made available pursuant to this subsection (f) and to report the participant use of such options semi-annually. The board of trustees reserves the right to refuse or discontinue any product offered by such companies.
[Acts 1972, ch. 814, § 12; T.C.A., § 8-3936(f); Acts 1990, ch. 1027, §§ 2, 3; 1991, ch. 116, §§ 1, 2; 1993, ch. 345, § 4; 2004, ch. 614, §§ 1-4; 2004, ch. 631, § 6.]