Bill > SB0953

This bill modifies retirement benefits for public employees by introducing a new "supplemental bridge benefit" that political subdivisions can adopt starting July 1, 2025. Under this provision, political subdivisions can provide additional retirement payments to members who retire between ages 55 and 62. Specifically, members retiring between ages 55 and 60 can receive the supplemental bridge benefit for up to seven years, while those retiring between ages 60 and 62 can receive the benefit until they reach age 67. The benefit will automatically cease upon the member's death or at the end of the designated payment period. Political subdivisions that have previously adopted a different bridge benefit can switch to this new format through a resolution, and once they make this change, it becomes irrevocable. The bill clarifies that this supplemental bridge benefit is considered part of the retiree's retirement allowance and provides specific effective dates for implementing these changes. The legislation aims to provide more flexible retirement options for public employees by allowing political subdivisions to offer additional financial support during the transition to full retirement.

Budget and Finance, Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0953&ga=114