§ 1067.2 — Same—Contract with insurance companies or other means to effectuate system
Memphis Code of Ordinances (Supp. No. 33: codified through Ordinance No. 5959, enacted May 12, 2026) · Memphis Charter, art. 81, § 1067.2
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Sec. 1067.2. - Same—Contract with insurance companies or other means to effectuate system.
Said boards of education are empowered to contract with an insurance company or insurance companies to carry out and effectuate such systems of retirement, annuity or pension, in which event the annual amount of such annuity or pension to be paid to each person upon retirement shall not exceed the sum to be arrived at by adding together three percent of each year's salary of such person from the time of his or her employment up to the time of retirement. But such boards of education are also empowered, in their discretion, to adopt any other means or methods to effectuate said purpose, that is to say, any means or methods that may be appropriate in their judgment, and any other means than contracting with an insurance company or companies.
(Priv. Acts 1949, ch. 208, § 2)