There is created and established, as of the effective date of this Act, a pension
system for employees of Davidson County to be known as the 'Davidson County Pension
System.' All transactions by the Davidson County Pension System shall be in the name
of the system. The system shall have all the powers and privileges of a corporation,
and the system shall function as hereinafter provided. All benefits payable to retired
members and their survivors under Chapter 274 of the Private Acts of 1943, and all
amendatory Acts thereof, shall continue unimpaired, and such benefits shall be an
obligation and liability of this system, subject to the provisions of this Act. All
funds held by the Davidson County Trustee in connection with Chapter 274 of the Private
Acts of 1943, and all amendatory Acts thereof, shall be deposited in the fund established
by this Act and be administered in accordance with the provisions of this Act.
The Davidson County Pension System provides for two (2) classifications of membership:
Division A and Division B. Division A, set forth in Article 2 of this Act, shall cover employees who have not been covered, prior to the effective
date of this Act, by any pension plan of the employer; all persons who become employees
after the effective date of this Act; and employees who are members of Division B,
as provided in this Act, and who voluntarily elect to transfer their membership to
Division A in accordance with the provisions of this Act. Division B, set forth in Article 3 of this Act, shall cover persons who are employees on the effective date of this
Act and who were covered by the Davidson County Employees' Pension and Insurance Fund
as it existed on the day before the effective date of this Act. Article 1 of this Act shall apply to members of Division A and members of Division B. Article 2 of this Act shall apply to members of Division A but shall not apply to members of
Division B. Article 3 of this Act shall apply to members of Division B but shall not apply to members of
Division A. No employee shall be a member of both Division A and Division B, notwithstanding
anything in this Act to the contrary. Any benefit payable to a retired member in accordance
with the provisions of this Act shall not be payable during any period of time he
becomes or is an employee, notwithstanding anything in this Act to the contrary.
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