Amends TCA Title 8, Chapter 34; Title 8, Chapter 35; Title 8, Chapter 36 and Title 8, Chapter 37.

Under this bill, a police officer who is a member of TCRS, regardless of the police officer's participation in the legacy pension plan, the hybrid plan, or any other alternative plan, will be eligible for early service retirement upon attainment of 25 years of creditable service. The retirement allowance will be computed as the actuarial equivalent of the benefit that would have been payable under a service retirement allowance.<br /> <br /> This bill specifies that it: does not require a police officer to retire; only applies to police officers who retire on or after the effective date of this bill; and does not constitute a change in formula under the present law allowance provisions.<br /> <br /> Under this bill, a political subdivision employing a police officer who voluntarily chooses to retire pursuant to this bill may require the police officer to pay any insurance coverage otherwise provided to members who are 100 percent vested in the service retirement benefit from the time the police officer voluntarily chooses to retire pursuant to this bill until the date that the police officer would have become 100 percent vested in the service retirement benefit pursuant to present law. A police officer who voluntarily chooses to retire pursuant to this bill will be entitled to any insurance coverage otherwise provided to members who are 100 percent vested in the member's service retirement benefit pursuant to present law on the date that the police officer would have become 100 percent vested in the service retirement benefit pursuant to present law.<br /> <br /> This bill will apply to a sheriff, sheriff's deputy, or police officer employed by this state, a municipality, or political subdivision of this state whose primary responsibility is the prevention and detection of crime and apprehension of offenders.<br /> <br /> ON MARCH 25, 2019, THE SENATE ADOPTED AMENDMENT #1 AND RESET SENATE BILL 1237, AS AMENDED.<br /> <br /> AMENDMENT #1 makes this bill applicable to firefighters in addition to police officers.<br /> <br /> ON MARCH 28, 2019, THE SENATE FURTHER CONSIDERED AND PASSED SENATE BILL 1237, AS AMENDED.<br /> <br /> ON APRIL 22, 2019, THE HOUSE SUBSTITUTED SENATE BILL 1237 FOR HOUSE BILL 623, ADOPTED AMENDMENT #2, AND PASSED SENATE BILL 1237, AS AMENDED.<br /> <br /> AMENDMENT #2 incorporates the changes made by Senate Amendment #1 and adds that the provisions of this bill concerning eligibility for insurance coverage do not apply to a municipality that is a member of the state retirement system and provides health insurance benefits.<br /> <br />