8-35-407 - Relationship of participant in optional system to state system.
8-35-407. Relationship of participant in optional system to state system.
(a) Contributions and Creditable Service Discontinued. An eligible employee who elects to participate in an optional retirement program established under the provisions of this part will be ineligible to participate in the retirement system during such period as the employee is employed by an institution where an optional retirement program is available.
(b) Amount of Accumulated Contributions and Creditable Service Maintained. While participating in an optional retirement program, such member's accumulated contributions, if any, and creditable service shall remain unchanged as of the date of election of an optional retirement program under the provisions of this part.
(c) Interest on Accumulated Contributions. Interest shall continue to be credited to the employee's accumulated contributions as provided in chapters 34-37 of this title.
(d) Return to State System. In the event that a participant in an optional retirement program assumes or returns to a position in a public school where an optional retirement program or a local retirement fund is not available, the participant shall at that time begin or resume participating in the retirement system.
[Acts 1972, ch. 814, § 12; T.C.A., § 8-3936; Acts 1981, ch. 508, § 9; 1993, ch. 345, § 4.]