49-5-904 - Maximum annuity Contribution rates.
49-5-904. Maximum annuity Contribution rates.
(a) No pension or annuity shall be provided exceeding three fourths (¾) of the salary paid the teacher at the time of retirement, and in no event shall it exceed the sum of six hundred dollars ($600) per annum.
(b) The maximum assessment on any teacher coming under the operation of this part shall not exceed two and one half percent (2.5%) per annum of the salary agreed to be paid the teacher, and a minimum of one percent (1%) per annum.
[Acts 1917, ch. 76, § 3; Shan., § 1469b3 (p. 6544); Shan. Supp., § 1469a3; Code 1932, § 2527; T.C.A. (orig. ed.), § 49-1604.]