Same—Contributions by employees and board; board may fix retirement age, amount of pension, etc.
Memphis Charter, art. 81, § 1067.3
in effectSec. 1067.3. - Same—Contributions by employees and board; board may fix retirement age, amount of pension, etc.
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 of such salary or compensation, 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 may be taken from the funds they annually receive from taxes for the support and maintenance of the public schools, or from any other source or sources of revenue or income of such boards of education. And such boards of education are further authorized to contract for and fix the age or time at which the aforesaid employee shall be retired and the amount and duration of the payments to be made to said employee after retirement, which in no case shall exceed fifty percent of the salary or compensation of the employee at the time of retirement, and said boards of education are authorized to fix and determine the allowance for creditable service of employees who are in the service of such boards of education at the time when this Act shall take effect.
(Priv. Acts 1949, ch. 208, § 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_S1067.3SAONEMBOBOMAFIREAGAMPEETFetched: 10/28/2026