Subject: 19835/SchoolEmployees/Death-Disability/InactiveMembers
Date: Fri, 24 Jan 1992 10:55:00 -0500


                            RESOLUTION NO.   19835  
                  
                  
                   A RESOLUTION AUTHORIZING THE PROVISION OF
                   DEATH AND DISABILITY BENEFITS ON BEHALF OF
                   INACTIVE MEMBERS OF THE TENNESSEE
                   CONSOLIDATED RETIREMENT SYSTEM PURSUANT TO
                   PUBLIC CHAPTER NUMBER 935, ACTS OF 1992.
                  
                  
                                                    
                  
                  
       	    	 WHEREAS, prior to passage of Public Chapter Number 935,
       Acts of 1992, the retirement law provided for payment of death
       benefits to the spouse of a member who dies in service (defined 
as
       within 120 days of his last paid day of employment) after having
       completed ten (10) years or more of creditable service, provided
       the spouse is named as beneficiary.  Death benefits were not
       payable to the spouse of an inactive member of the Tennessee
       Consolidated Retirement System since the law required the member
       to have been in service at the time of his death;
       	    	 WHEREAS, Public Chapter Number 935, Acts of 1992,
       provides such death benefits to the spouse of an inactive member
       who has completed ten (10) years of creditable service and whose
       death occurs on or after July 1, 1991.  The death benefits also
       take the form of a monthly annuity.  The annuity will equal the
       monthly annuity which would have been payable to the spouse had
       the member retired under the Option 2 payment plan, reduced by 
.4%
       for each month by which the member's death precedes his service
       retirement date; and
       	    	 WHEREAS, Public Chapter Number 935, Acts of 1992,
       further provides disability benefits to such inactive members who 

       have completed a minimum of five (5) years service credit in the
       Tennessee Consolidated Retirement System and who met the same
       disability standards as for active members.  The amount of the
       disability benefits will equal an actuarial equivalent of an age
       fifty-five (55) benefit; and
       	    	 WHEREAS, said Chapter provides that the death and
       disability benefits for such inactive members will not apply to
       members whose membership in the Tennessee Consolidated Retirement 

       System is by virtue of their employment with a political
       subdivision unless the chief governing body of such political
       subdivision authorizes such benefits and assumes the liability
       therefor;
       	    	 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
       THE CITY OF CHATTANOOGA, TENNESSEE, That there be and is hereby
       authorized and appropriated the necessary funds for providing
       death and disability benefits to inactive members in accordance
       with Public Chapter Number 935, Acts of 1992.
      
       ADOPTED:	 May 11, 1993
      
       MAM:cjc
0C
       STATE OF TENNESSEE  )
       	    	      	   )
       COUNTY OF HAMILTON  )
      
      
       	    	 I, CAROL K. O'NEAL, Clerk of the City Council of the
       City of Chattanooga, Tennessee, do hereby certify that this is a
       true and exact copy of the foregoing resolution that was approved 

       and adopted at a meeting held on the 11th day of May, 1993, the
       original of which is on file in this office.  I further certify
       that _____ members voted in favor of the resolution and that ____ 

       members were present and voting.
      
       	    	 IN WITNESS THEREOF, I have hereunto set my hand and the
       seal of the City of Chattanooga, Tennessee.
      
      
      
       	    	      	   	     ___________________________________
       (SEAL)	      	   	     	       CAROL K. O'NEAL
       	    	      	   	     	  Clerk of the City Council