Transferring participants from the plan.

Memphis Code of Ordinances § 4-24-4

in effect

Sec. 4-24-4. - Transferring participants from the plan. A. Memphis Light, Gas and Water Division. If the Memphis light, gas and water division shall have in effect a self-insured retirement system, a participant transferred to the Memphis light, gas and water division retirement system shall receive full creditable service under such system for his or her years of service upon the transfer by and from the trust fund of an amount equal to his or her employee contributions then in the trust fund; provided, however, if the transferred participant was eligible for a normal retirement benefit under section 4-24-10, there shall be no transfer of his or her employee contributions and no transfer of his or her years of service, and upon his or her actual retirement, he or she shall receive the normal retirement benefit to which he or she would have been entitled under section 4-24-10 had he or she retired on his or her date of transfer from this 1948 plan and the transferee retirement system shall pay the balance of the total retirement benefits to which the participant is entitled on his or her actual retirement date under such other system without any credit for past service. B. Involuntary transfer from the city. 1. Any involuntary transfer city employee to the county shall become a member of plan B of the county retirement system subject to the provisions of such plan, as of his or her date of employment with the county. Upon proper notification by city or county government, the board shall issue a certificate stating the amount of the transferred participant's city transfer service. The board shall present to the county such city transfer service certificate for review and acceptance and shall approve such city transfer service; provided such service has been calculated in accordance with this 1948 plan, the conditions regarding transfer by the participant as specified within this 1948 plan are fulfilled and the person transferred reports for employment with the county on the date required by an authorized designee of the county. 2. An involuntary transfer city employee shall receive a benefit under this 1948 plan, if he or she would be entitled to one (other than under section 4-24-12(A) or 4-24-16), based on the sum of his or her years of service and years of creditable service with plan B of the county retirement system. The amount of such benefit shall be determined under this 1948 plan based on his or her average monthly compensation (defined to take into account any compensation received by him or her from the county prior to his or her retirement, death or disability not incurred in line-of-duty, or other termination of employment) and his or her years of service as of the date of his or her transfer from the city. 3. No benefit under section 4-24-12(A) or 4-24-16 shall be paid to any involuntary transfer city employee. Instead, upon payment to the employee of any benefits due to death or disability attributable to hazardous duty in accordance with the terms of plan B of the county retirement system, the participant's employee contributions then in the trust fund shall be transferred to the county retirement plan B. Such transfer shall be a full and unconditional release of any and all obligations of the city under this plan. Under no other circumstances shall any assets of the trust fund be transferred to the county retirement system on behalf of an involuntary transfer city employee and the actuarial funding and payment of any other benefit, as described in subsection (B)(2) of this section, shall be the responsibility of the city. (Code 1985, § 25-63; Ord. No. 3907, § 1, 12-5-1989)

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/code_of_ordinances?nodeId=TIT4PERESY_CH4-241948BEPL_ART1PA_S4-24-4TRPAPLFetched: 10/28/2026