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The minimum retirement allowance payable to any former member who retired from this system or the superseded Tennessee teachers' retirement system, the Tennessee state retirement system or any local teachers retirement system shall be:
Seven dollars ($7.00) per month for each year of creditable service for prior Class A, transferred Class A or Group 1 members with less than ten (10) years of creditable service and for all members so classified who served in a capacity covered by § 8-35-113, regardless of their length of service;
Eight dollars ($8.00) per month for each year of creditable service for prior Class A, transferred Class A or Group 1 members with ten (10) or more years of creditable service whose service was not in a capacity covered by § 8-35-113;
Seven dollars sixty-six cents ($7.66) per month for each year of creditable service for prior Class B or transferred Class B members with less than ten (10) years of creditable service and for all members so classified who served in a capacity covered by § 8-35-113 regardless of their length of service;
Eight dollars sixty-six cents ($8.66) per month for each year of creditable service for prior Class B or transferred Class B members with ten (10) or more years of creditable service whose service was not in a capacity covered by § 8-35-113; and
Subdivisions (a)(1)(B) and (D) are optional for political subdivisions in accordance with § 8-35-217. Political subdivisions exercising the option permitted herein must do so prior to June 15, 1984, to be effective July 1, 1984, or by May 15, 1985, to be effective July 1, 1985; thereafter, the election must be made on or before May 15, to be effective beginning the next July 1. For political subdivisions which do not elect these provisions, the minimum benefit for employees shall be determined under subdivision (a)(1)(A) or subdivision (a)(1)(C), whichever is applicable, regardless of the employee's length of service.
Notwithstanding any other law to the contrary and commencing on July 1, 2010, the chief legislative body of any city, special school district or county may set the minimum service retirement allowance payable with respect to creditable service established pursuant to § 8-35-226 as follows:
Fourteen dollars ($14.00) per month for each year of such creditable service adjusted effective July 1, 2011, and on each July 1 thereafter pursuant to the cost-of-living provisions in § 8-36-701(b)(1) and (2); or
Twenty dollars ($20.00) per month for each year of such creditable service adjusted effective July 1, 2011, and on each July 1 thereafter pursuant to the cost-of-living provisions in § 8-36-701(b)(1) and (2).
To set the minimum service retirement allowance under either subdivision (a)(2)(A)(i) or (a)(2)(A)(ii), the chief legislative body of the respective city, special school district or county must pass a resolution authorizing either subdivision (a)(2)(A)(i) or (a)(2)(A)(ii) and accepting the liability therefore. Any such resolution shall apply to current and future retirees and shall become effective on the first day of any quarter following the filing of the resolution with the retirement system. No retroactive benefits shall be paid under this subdivision (a)(2). For cities, special school districts and counties that do not elect either subdivision (a)(2)(A)(i) or (a)(2)(A)(ii), the minimum benefit for service established pursuant to § 8-35-226 shall be determined pursuant to subdivision (a)(1)(A) or (a)(1)(B), depending upon which option is exercised by the respective city, school district or county.
The increase in the retirement allowance of any member or retired member who elected an option shall be adjusted on the basis of the appropriate actuarial equivalent factor applicable at the date of retirement and payment of the increased allowance shall be subject to the terms of the option selected.
This subsection (a) does not apply to members of the general assembly.
Notwithstanding the foregoing, the service retirement allowance with respect to creditable service as a member of the general assembly shall not be less than two hundred forty dollars ($240) multiplied by the number of years of such creditable service.
Former members of the general assembly who have retired shall likewise be paid a minimum of two hundred forty dollars ($240) multiplied by the number of years of creditable service.
Effective July 1, 1989, the total benefit provided to retired members of the general assembly shall not be less than sixty percent (60%) of the amount provided in subdivision (b)(4)(A). This percentage shall be increased in equal ten percent (10%) increments each July 1, until the total retirement allowance provided to former retired members of the general assembly equals one hundred percent (100%) of the amount provided in subdivision (b)(4)(A). This provision shall be reduced in accordance with the optional retirement allowance selected by the member pursuant to § 8-36-601.
Notwithstanding anything to the contrary, effective July 1, 1988, any member of the general assembly retired prior to November 8, 1988, shall receive an increase in such member's retirement allowance equal to ten dollars ($10.00) per month for each year of creditable service. This increase shall be reduced in accordance with the optional retirement allowance selected by the member pursuant to § 8-36-601.
Implementation of this subdivision (b)(3) shall be subject to funding being provided in the general appropriations act.
Effective November 8, 1988, the minimum allowance provided by this subsection (b) shall not be less than eight hundred forty dollars ($840) multiplied by the number of years of creditable service. In addition, § 8-36-702 does not apply to the benefit provided under this subdivision (b)(4).
The beneficiaries of any benefits provided in this subdivision (b)(4) may elect to receive an amount less than the amount eligible to receive; provided, that the request is in writing and irrevocable.