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 NOT SIGNIFICANT Bill Summary Present law gives the state treasurer the sole authority to exercise all voting rights with respect to securities held by a program and to give general or special proxies or powers of attorney with or without the power of substitution. Such authority must be exercised for financial reasons, impartially and solely in the interests of the beneficiaries of the program. As used in this paragraph, a "program" means any of the following that are established by law and for which the state treasurer has investment authority, oversight, and responsibility: (i) a trust fund; (ii) an endowment fund; (iii) deferred or tax-sheltered compensation plan or plans; (iv) programs under the Tennessee College Savings Trust Act; and programs under The Achieving a Better Life Experience (ABLE) Act. This bill expands the definition of "program" to include a plan, fund or program established, maintained, or offered by a political subdivision that does not participate in the Tennessee consolidated retirement system (TCRS) or a deferred or tax-sheltered compensation plan that (i) provides retirement income or other retirement benefits to employees or former employees or (ii) results in a deferral of income by employees for a period extending to the termination of covered employment or beyond. FIDUCIARY RESPONSIBILITIES This bill requires a fiduciary to invest, reinvest, manage, and select investment options for assets of a program, and to vote all shares held by a program for financial reasons for the exclusive benefit of the beneficiaries of the program while maximizing long-term shareholder value. As used in this bill, a "fiduciary" means a person who, with respect to a program, does either of the following: Exercises discretionary authority or discretionary control with respect to management of the program
