Bill > HB0017

This bill establishes the Tennessee Retirement Savings Plan, a new defined contribution retirement program for private sector workers in Tennessee. The bill creates a seven-member Tennessee Retirement Savings Board, which will develop and implement a retirement savings plan for state residents. The plan will automatically enroll employees at a default contribution rate of 5% through payroll deductions, with the ability to opt out, and will be available to workers at private employers with more than five employees who do not already offer a qualified retirement plan. The program is designed to be low-cost, professionally managed, and will pool accounts for investment, with no guaranteed returns or employer contributions. The plan will be rolled out in stages, beginning with employers of over 100 employees in January 2028, then expanding to smaller employers in subsequent years. The board will have broad powers to establish and manage the plan, including setting investment guidelines, collecting administrative fees, and developing outreach strategies. Importantly, the plan is not an employer-sponsored retirement plan, and participation is voluntary. The board must conduct market and legal analyses before implementation and is prohibited from establishing the plan if it would qualify as an employee benefit plan under federal law. The bill also includes strict privacy protections for participant information and establishes a separate administrative fund to support the program's operations.

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https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0017&ga=114