8-35-411 - Cash withdrawal for members.
8-35-411. Cash withdrawal for members.
Upon retiring or otherwise terminating employment, an employee participating in an optional retirement program may elect to receive a cash withdrawal of up to fifty percent (50%) of such employee's accumulated account or accounts if permitted by the relevant optional retirement company, and if the employee applies for and begins receiving a lifetime distribution of the remaining portion of such employee's accumulated account or accounts. Any employee who receives a cash withdrawal pursuant to this section shall not be entitled to reestablish the withdrawn amount or any period of service represented by that amount in either the optional retirement system, the Tennessee consolidated retirement system or any other Tennessee state retirement program.
[Acts 2001, ch. 305, § 1.]