Same—Contract with insurance companies or other means to effectuate system; contributions of employees and board; board may fix retirement age, amount of pension, etc.
Memphis Charter, art. 81, § 1064
in effectSec. 1064. - Same—Contract with insurance companies or other means to effectuate system; contributions of employees and board; board may fix retirement age, amount of pension, etc.
Said boards of education are empowered to contract with an insurance company or insurance companies to carry out and effectuate such system of retirement, annuity or pension in which event the annual amount of such annuity or pension to be paid each person upon such retirement shall not exceed a sum to be arrived at by adding together two percent (2%) 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 method to effectuate said purpose, that is to say, any means or method that may be appropriate in their judgment other than contracting with an insurance company or insurance companies.
Said boards of education are authorized to contract with the aforementioned employees for the deduction of, and are authorized to deduct from the salary or compensation of each of the aforesaid employees, a certain percentage of the salary of each, not to exceed five percent (5%) of such salary, and to supplement the same by contributing out of the funds of such boards of education an amount necessary to provide a retirement, annuity or pension as aforesaid, to be used by such boards of education in payment of the costs of such retirement, annuity or pension. The contribution of such boards of education for the aforesaid purpose shall be taken from the funds they annually receive from taxes for the support and maintenance of the public schools, and such boards of education are further authorized to contract for and fix the age of time at which the aforesaid employees shall be retired, and the amount and duration of the payments to be made said employees after retirement, and said boards of education are authorized to do and perform all things necessary or appropriate to establish and effectuate such contributory retirement, annuity or pension for the benefit of the aforesaid employees.
(Priv. Acts 1937, ch. 537, §§ 2, 3)
Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/charter?nodeId=PTICHRELA_ART81CHBOEDMESC_DIVIIIREPE_S1064SAONINCOOTMEEFSYCOEMBOBOMAFIREAGAMPEETFetched: 10/28/2026