Amends TCA Title 8, Chapter 34; Title 8, Chapter 35; Title 8, Chapter 36 and Title 8, Chapter 37.
ON MARCH 9, 2023, THE SENATE ADOPTED AMENDMENT #2 AND PASSED SENATE BILL 990, AS AMENDED.<br /> <br /> AMENDMENT #2 adds that the failure to pay the estimated increased pension liability created by the improvement may result in the withholding of the liability amount, in whole or in part, from any state-shared taxes that are otherwise apportioned to the local government. <br /> <br /> This amendment also revises the provision in the bill that prohibits an employer from establishing a benefit improvement unless the employer's funded status in the retirement system will be 60 percent or more after implementation of the benefit improvement, such that the percentage must be 70 percent or more.<br />
ON MARCH 9, 2023, THE SENATE ADOPTED AMENDMENT #2 AND PASSED SENATE BILL 990, AS AMENDED.<br /> <br /> AMENDMENT #2 adds that the failure to pay the estimated increased pension liability created by the improvement may result in the withholding of the liability amount, in whole or in part, from any state-shared taxes that are otherwise apportioned to the local government. <br /> <br /> This amendment also revises the provision in the bill that prohibits an employer from establishing a benefit improvement unless the employer's funded status in the retirement system will be 60 percent or more after implementation of the benefit improvement, such that the percentage must be 70 percent or more.<br />
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