Section 8-36-105 - Lump sum payments by prior class members who limited earnable compensation

Any prior Class B member who limited such member's deduction to four thousand two hundred dollars ($4,200) of such member's annual salary may, upon proper authorization from the board of trustees, make a deposit in a lump sum equal to the amount which the member would have paid had the member been contributing on such member's annual salary, plus interest at the rate provided for in § 8-37-214, relative to redeposits. Such an amount so deposited shall become a part of the member's accumulated contributions in the same manner as if the contributions had been timely paid.Acts 1973, ch. 347, § 10; 1975, ch. 375, § 1; 1978, ch. 740, § 5; 1979, ch. 320, § 6; T.C.A., § 8-3904(7); Acts 2010 , ch. 777, § 27.