(a) The Tennessee Municipal League (TML), the Tennessee Municipal League risk management pool (TML Pool), and the Tennessee municipal bond fund (TMBF), or any or all of them, shall be eligible to be participating employers in the Tennessee consolidated retirement system upon:
(1) Passage of a resolution by the board of directors of the TML, the TML Pool, and/or the TMBF authorizing an actuarial study; and
(2) Passage of a resolution by the board of directors of the TML, TML Pool, and/or TMBF authorizing such participation and accepting the liability as a result of the participation by its full-time employees.
(b) The employees of TML, the TML Pool, and/or the TMBF shall make the same contributions, participate in the same manner, and shall be eligible for the same benefits as employees of local governments participating in the retirement system under this part.
(c) The employees shall be entitled to credit for prior service as approved by the board of directors of TML, the TML Pool, and/or the TMBF under the same provisions that apply to employees of local governments.
(d) The retirement system shall not be liable for the payment of retirement allowances or other payments on account of employees of TML, the TML Pool, and/or the TMBF or their beneficiaries for which reserves have not been previously created from funds contributed by TML, the TML Pool, and/or the TMBF and/or their employees.
(e) It is the legislative intent that the state shall realize no increased cost as a result of this section. All costs associated with retirement coverage, including administrative costs, shall be the responsibility of TML, the TML Pool, and/or the TMBF.
(f) In case of the withdrawal of TML, the TML Pool, and/or the TMBF as a participating employer, the benefits of the members and beneficiaries shall be determined in accordance with § 8-35-211.
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