Amends TCA Title 8, Chapter 25, Part 1.

This bill authorizes the state treasurer to inquire with local governments and volunteer fire departments about establishing a length of service award program pursuant to federal law and, based on the results of this inquiry, authorizes the treasurer to establish a length of service award program. Generally, a length of service award program is a type of retirement program for non-compensated volunteers providing firefighting, emergency medical, and ambulance services. Such a program is funded by contributions from the local government or nonprofit entities that utilize the services. If such a program is established: (1) The commissioner of finance and administration; the chair of the finance, ways and means committees of the senate and house, and the state treasurer will serve as trustees for the length of the program; and (2) The treasurer must develop a plan that includes provisions for the implementation, administration, operation, marketing, investment options, customer service, and investment management services for the program, which must be approved by the remaining trustees. The treasurer may modify the terms of the plan with the concurrence of the commissioner of finance and administration. This bill authorizes the state treasurer to carry out the purposes of this bill, the purposes and objectives of the program and the trustees' plan, and the powers delegated by any other state law or rule, or the internal revenue code. An entity constituting an eligible employer pursuant to the internal revenue code may elect to participate in the length of service award program as prescribed by the trustees to provide benefits to bona fide volunteers who provide firefighting and prevention services, emergency medical services, or ambulance services. An eligible employer may withdraw from participation in the program pursuant to the program's plan document. The state treasurer will carry out the day-to-day administration, operations, and responsibilities of the length of service award program. This bill specifies in detail other powers and duties of the treasurer in regard to such a program. If the trustees determine that the program is financially infeasible or is not beneficial to bona fide volunteers, eligible employers, citizens of the state, or the state itself, the trustees may suspend or terminate the program immediately. This bill states the legislative intent that there be no increase in costs to the state as a result of an eligible employer's participation in the length of service award program. All costs associated with such participation, including administrative costs, will be the responsibility of the participating eligible employers. Administrative costs may be imposed by the state even if a participating eligible employer is later found to not constitute an eligible employer under the code.