Bill > HB0977

This bill modifies retirement benefits for certain public employees, specifically introducing a new supplemental bridge benefit for members of political subdivisions who retire between ages 55 and 62. The benefit allows political subdivisions to provide additional retirement payments to members who retire before reaching full retirement age. Under the new provision, members retiring between ages 55-60 can receive the supplemental bridge benefit for up to seven years, while those retiring between ages 60-62 can receive the benefit until they reach age 67. Political subdivisions that have previously adopted different bridge benefit structures can choose to adopt this new standardized approach starting July 1, 2025, and once adopted, this decision will be irrevocable. The supplemental bridge benefit will be considered part of the retiree's retirement allowance and will cease upon the member's death or at the end of the defined payment period. The bill aims to provide more flexible and consistent retirement support for public employees by offering a structured bridge benefit that helps support workers during the transition from active employment to full retirement.

Budget and Finance, Government Affairs, Labor and Employment

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0977&ga=114