Pensions and Retirement Benefits - As enacted, under certain conditions, authorizes a member of the Tennessee consolidated retirement system who has been elected or appointed as a member of a city or county board on or after January 1, 2012, and who simultaneously holds that position and another position with a different employer as a retirement system member, to continue service in the elected or appointed board member position while receiving a retirement allowance. - Amends TCA Section 8-35-226.