Bill > HB1910

This bill enacts the "Supporting Troopers through Advanced Retirement (STAR) Act," which allows current state troopers to opt into an alternative retirement plan offering enhanced benefits. This plan, known as the STAR plan, is a defined benefit retirement plan, meaning it provides a specific, predictable income in retirement based on factors like salary and years of service. Eligible state troopers, defined as commissioned law enforcement members of the highway patrol, can elect to participate if they are members of the retirement system as of July 1, 2026, or will automatically be enrolled if hired on or after that date. Those electing to join the STAR plan from the "legacy plan" (an older pension system) will pay a one-time "buy-in" contribution of 5% of their average base salary over their career, while those coming from the "hybrid plan" (a newer retirement system) will not have this buy-in. All participating troopers will contribute 5% of their monthly earnings to the STAR plan. The STAR plan offers enhanced retirement benefits, including a monthly benefit of 3% of the trooper's average final compensation (AFC), which is the average of their highest five consecutive years of earnings, for each year of creditable service, up to a maximum of 75% of their AFC at 25 years of service, with no minimum retirement age once 25 years of service is achieved. Additionally, the bill introduces a Deferred Retirement Option Program (DROP), where troopers with at least 25 years of creditable service can defer their retirement benefits, allowing them to continue working full-time for up to eight years while their calculated retirement benefits are deposited into an interest-bearing DROP account. The retirement system retains the interest earned on these DROP accounts to help fund the STAR plan.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB1910&ga=114