Amends TCA Title 8, Chapter 36.

Under this bill, a correctional officer employed by a local government who is a member of the state's consolidated retirement system, regardless of the 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. This bill does not require a correction officer to retire upon attainment of 25 years. This bill will apply only to correctional officers who retire on or after the effective date of this bill. This bill provides that it does not constitute a change in formula under the present law provisions governing recomputation of benefits under certain superseded systems. This bill authorizes the local government to require a correctional officer who voluntarily chooses to retire pursuant to this bill to pay a pro rata share of the cost of any insurance coverage otherwise provided to members who are 100 percent vested in the service retirement benefit based on the time the officer voluntarily chooses to retire pursuant to this bill until the date that the officer would have become 100 percent vested in the service retirement benefit pursuant to the present law provisions governing eligibility to retire. A correction 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 on the date that the correction officer would have become 100 percent vested in the service retirement benefit pursuant to present law. ON MAY 3, 2021, THE SENATE ADOPTED AMENDMENT #1 AND PASSED SENATE BILL 1114, AS AMENDED. AMENDMENT #1 adds authorization for local governments participating in TCRS to adopt a mandatory age of retirement for correctional officers in the same manner as local governments are authorized to adopt mandatory retirement agencies for firefighters and police officers under present law.