Bill > HB0550

This bill, known as the "Fairness in Benefits Act," requires employers participating in the Tennessee consolidated retirement system to permit private entities to disseminate information about alternative retirement plans to employees on the employer's premises, but only outside of official work hours and through direct personal contact. The bill specifies that these alternative retirement plans must be functionally equivalent to qualified retirement plans, which are specific types of tax-advantaged retirement savings vehicles recognized by the Internal Revenue Code, such as 401(k), 403(b), and 457(b) plans. These plans are typically designed to help employees save for retirement by allowing them to set aside a portion of their wages in tax-deferred investment accounts. The legislation aims to provide state employees with more opportunities to learn about and potentially access additional retirement planning options beyond their current state-sponsored retirement system, while ensuring that such information sharing occurs in a controlled and non-disruptive manner.

Government Affairs, Labor and Employment

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0550&ga=114