8-35-412 - Establishment of service and salary credit for contributions made to optional retirement account.
8-35-412. Establishment of service and salary credit for contributions made to optional retirement account.
Any member of the Tennessee consolidated retirement system who participated in the optional retirement program and received a limited lump sum distribution of contributions pursuant to § 8-35-404(d)(1) shall be entitled to establish service and salary credit in the Tennessee consolidated retirement system for the period during which those contributions were made to the member's optional retirement account. To establish service, the member must pay to the Tennessee consolidated retirement system a sum equal to twelve and sixty-five hundredths percent (12.65%) of the member's earnable compensation during the period those contributions were made to the member's optional retirement account, plus interest on that amount at the rate provided in § 8-37-214.
[Acts 2007, ch. 184, § 12.]