Section 49-1501 - Definition of termsThe following words and phrases as used in this chapter, unless a different meaning is plainly required by the context, shall have the following meanings:
(1) "Retirement system" shall mean the Tennessee teachers' retirement system as defined in § 49-1502.(2) "Public school" shall mean any day school conducted within the state under the authority and supervision of a duly elected or appointed city or county school board, and any educational institution supported by and under the control of the state.(3) "Teacher" shall mean any person employed in a public school as a teacher, helping teacher, librarian, principal, or supervisor, and shall include any superintendent of public schools, or administrative officer of a department of education, or of any educational institution supported in whole or in part by and under the control of the state. In all cases of doubt, the board of trustees hereinafter defined shall determine whether any person is a teacher as defined in this chapter.(4) "Employer" shall mean the state of Tennessee, the county board of education, the city board of education, the state board of education, the board of trustees of the University of Tennessee, the board of trustees of other educational institutions and agencies supported and under the control of the state, or any other agency of and within the state by which a teacher is paid.(5) "Member" shall mean any teacher included in the membership of the system as provided in §§ 49-1508 - 49-1512.(6) "Board of trustees" shall mean the board provided for in § 49-1503 to administer the retirement system.(7) "Medical board" shall mean the board of physicians provided for in § 49-1505.(8) "Service" shall mean service as a teacher as described in subsection (3) of this section.(9) "Prior service" shall mean service rendered prior to the date of establishment of the retirement system for which credit is allowable under §§ 49-1513 - 49-1518.(10) "Membership service" shall mean service as a teacher rendered while a member of the retirement system.(11) "Creditable service" shall mean "prior service" plus "membership service" for which credit is allowable as provided in §§ 49-1513 - 49-1518.(12) "Beneficiary" shall mean any person in receipt of a state annuity, a teacher annuity, a retirement allowance, or other benefits as provided by this chapter.(13) "Regular interest" shall mean interest compounded annually at such a rate as shall be determined by the board of trustees in accordance with § 49-1537.(14) "Accumulated contributions" shall mean the sum of all the amounts deducted from the compensation of a member and credited to his individual account in the members' contributions account, together with regular interest thereon as provided in § 49-1538.(15) "Earnable compensation," as applied to pay for teaching service rendered before July 1, 1955, shall mean the full rate of the compensation excluding any part of compensation in excess of three thousand six hundred dollars ($3,600) per annum that would be payable to a teacher if he worked the full normal working time, with the exception of the period between July 1, 1945 and July 1, 1949, when the earnable compensation excluded any part of the compensation in excess of two thousand five hundred dollars ($2,500) per annum. As applied to pay for teaching service rendered on or after July 1, 1955, "earnable compensation" shall mean the full rate of the compensation that would be payable to a teacher if he worked the full normal working time.(16) "Average final compensation" means the average annual earnable compensation of a teacher during the five (5) years of his service producing the highest such average, except that for the purpose of § 49-1548, it shall mean the average annual earnable compensation during the last five (5) years of service. If a teacher had less than five (5) years of service, it shall mean the average annual earnable compensation for all such years of service. Any increased cost to the state occasioned by the changes in retirement benefits made by the 1969 amendment of this item shall be paid out of annual earnings on investments of the Tennessee teachers' retirement system in excess of four per cent (4%).(17) "Teacher annuity" shall mean payment for life derived from the accumulated contributions of a member. All teacher annuities shall be payable in equal monthly installments.(18) "State annuity" shall mean payments for life derived from money provided by the state of Tennessee. All state annuities shall be payable in equal monthly installments.(19) "Retirement allowance" shall mean the sum of the "teacher annuity and the state annuity" or any optional benefit payable in lieu thereof.(20) "Retirement" shall mean the withdrawal from active service with a retirement allowance granted under the provisions of this chapter.(21) "Teacher annuity reserve" shall mean the present value of all payments to be made on account of any teacher annuity or benefit in lieu of any teacher annuity, computed on the basis of such mortality tables as shall be adopted by the board of trustees, and regular interest.(22) "State annuity reserve" shall mean the present value of all payments to be made on account of any state annuity or benefit in lieu of any state annuity computed upon the basis of such mortality tables as shall be adopted by the board of trustees, and regular interest.(23) "Actuarial equivalent" shall mean a benefit of equal value when computed upon the basis of such mortality tables as shall be adopted by the board of trustees, and regular interest.(24) "Local retirement fund" shall mean any teachers' retirement fund or other arrangement for payment of retirement benefits to teachers, except this retirement system, in force on the date of establishment of this retirement system and supported wholly or in part by contributions made by an employer as defined by this chapter.(25) The masculine pronoun wherever used shall include the feminine.(26) "Prior service annuity" shall mean a state annuity equal to the teacher annuity which would have been provided at age sixty (60) or at the member's retirement age if prior to age sixty (60) by twice the contributions which the member would have made during his prior service had the system been in operation and he contributed thereunder, except that in the case of any member who had attained age sixty (60) on the date of establishment such additional state annuity shall be equal to the teacher annuity which would have been provided at his age on the date of establishment by twice the contributions which he would have made during such prior service had the system been in operation and he contributed thereunder.(27) "Covered compensation" shall mean the maximum amount of earnable compensation which may be included in the determination of the primary insurance amount under the Social Security Act.Acts 1945, ch. 29, § 1; 1949, ch. 33, § 1; C. Supp. 1950, § 2540.1 (Williams, § 2524.1); Acts 1955, ch. 153, § 1; 1957, ch. 87, § 1; 1965, ch. 170, § 1; 1967, ch. 251, § 1; 1969, ch. 148, §§ 1, 4.