Same—Contract with insurance companies or other means to effectuate system.
Memphis Charter, art. 81, § 1066
in effectSec. 1066. - 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 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.
(Priv. Acts 1943, ch. 131, § 2)
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_S1066SAONINCOOTMEEFSYFetched: 10/28/2026