Environmental & Healthcare Legislative Watch50 States · D.C. · U.S. Congress
From official state and federal legislative records. Informational only, not legal advice.
Now law
This is now an official law, recorded in the state's law books.
The governor signed it. Nothing left to watch.
In plain words
AI summaryWritten by AI from the bill text. Check the official text before relying on it.
Fiscal Summary STATE GOVERNMENTEXPENDITURESGeneral FundFY26-27$712,600FY27-28$498,600FY28-29$1,100,800FY29-30 & Subsequent Years$1,075,800Total Positions Required: 5 OTHER FISCAL IMPACT The extent to which state expenditures will be offset by participant fee revenue once the plan reaches appropriate scale is unknown and cannot be quantified with reasonable certainty. Bill Summary This bill enacts the "Tennessee Retirement Savings Plan Act," which establishes a Tennessee retirement savings board ("board"), to be administratively attached to the department of treasury with department staff providing administrative support, to develop a defined contribution retirement plan for residents of this state who are employed for compensation in this state. BOARD This bill establishes a board consisting of the following seven members: (i) the state treasurer or the treasurer's designee, (ii) a representative of employers appointed by the governor, (iii) a representative with experience in the field of investments appointed by the governor, (iv) a representative of an association representing employees appointed by the governor, (v) a member of the public who is retired, (vi) a member of the senate, appointed by the speaker of the senate to be a nonvoting advisory member of the board, and (vii) a member of the house of representatives, appointed by the speaker of the house of representatives to be a nonvoting advisory member of the board. The state treasurer or the treasurer's designee serves as chair of the board. A majority of the voting members of the board constitutes a quorum for the transaction of business. Terms of Office This bill requires the governor and the speakers of the senate and the house of representatives to first make appointments to the board for terms of office beginning on January 1, 2027. Of the members first
