Bill > HB1447

This bill establishes the "Tennessee Retirement Savings Plan Act," creating a seven-member Tennessee Retirement Savings Board, which includes the State Treasurer, appointees by the Governor representing employers, investments, employees, and the public, and non-voting advisory members from the State Senate and House of Representatives. The Board is tasked with developing a defined contribution retirement plan for Tennessee residents employed in the state, which will allow for automatic enrollment through payroll deductions with an option to opt out, a default contribution rate of five percent, and no employer contributions required. The plan aims to be professionally managed with low administration fees, and it will not impose duties under the Employee Retirement Income Security Act of 1974 (ERISA) on employers, thus avoiding potential federal regulations. The bill also outlines the Board's powers, including contracting with financial institutions, collecting fees, and delegating day-to-day administration to the State Treasurer, and sets a phased implementation timeline, with eligibility for participation beginning January 1, 2029, for employees of larger private employers and gradually expanding to smaller employers by January 1, 2031.

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https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB1447&ga=114