(a) As of July 1, 1972, all of the assets of each superseded system shall be transferred to the credit of the retirement system established by chapters 34-37 of this title.(b) Thereafter, the managing boards of the superseded systems shall have no further power to hold or invest such assets, and the board of trustees of the retirement system shall be the trustees of such assets, with all of the powers provided by chapter 37, part 1 of this title.(c) The contributions made by each member of a superseded system to that system, together with the interest credited thereon in accordance with the superseded system, shall be credited to the member's individual account in the members' fund.(d) The remaining assets of the superseded systems shall be credited to the state accumulation fund.Acts 1972, ch. 814, § 11; T.C.A., § 8-3935(1).
Tennessee Legal Code