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

ON APRIL 27, 2022, THE SENATE ADOPTED AMENDMENT #1 AND PASSED SENATE BILL 2326, AS AMENDED. AMENDMENT #1 rewrites this bill. Under present law, a member who left the employ of an employer participating in the Tennessee consolidated retirement system in order to perform military service in the armed forces of the United States, and who is reemployed by such employer within six months of honorable discharge from such service, has the option of establishing retirement credit for the military service under certain conditions. This amendment establishes a reserve account in the retirement system for the payment of state liabilities, and the interest that would have been earned thereon, resulting from military service credit established pursuant to that present law provisions on or after the effective date of this bill. Deposits into the reserve account must come from state appropriations. The interest and dividends earned on the funds in the reserve account must be credited to the account and not revert to the general fund. The state treasurer may assess a charge to the reserve account, in an amount determined by the treasurer, to meet the expenses of the treasury department in administering and investing the reserve account assets.