Amends TCA Title 8, Chapter 34; Title 8, Chapter 35; Title 8, Chapter 36 and Title 8, Chapter 37.
ON APRIL 21, 2023, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 1135, AS AMENDED.<br /> <br /> AMENDMENT #1 rewrites this bill to change the minimum retirement allowance for members of the general assembly who retire on or after November 5, 2024, with 10 or more years of service, to $1,440 multiplied by the number of years of creditable service, subject to annual cost of living adjustment until the person has been retired from the retirement system for 12 months on July 1 next following the December 31 as of which the adjustment is determined. This amendment authorizes beneficiaries to elect to receive less than the amount the beneficiary is otherwise entitled to receive. <br /> <br /> This amendment authorizes members of the general assembly who participate in the hybrid benefit plan to receive a defined benefit of $70.00 per month for each year of creditable service, adjusted annually for cost-of-living provisions.<br />
ON APRIL 21, 2023, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 1135, AS AMENDED.<br /> <br /> AMENDMENT #1 rewrites this bill to change the minimum retirement allowance for members of the general assembly who retire on or after November 5, 2024, with 10 or more years of service, to $1,440 multiplied by the number of years of creditable service, subject to annual cost of living adjustment until the person has been retired from the retirement system for 12 months on July 1 next following the December 31 as of which the adjustment is determined. This amendment authorizes beneficiaries to elect to receive less than the amount the beneficiary is otherwise entitled to receive. <br /> <br /> This amendment authorizes members of the general assembly who participate in the hybrid benefit plan to receive a defined benefit of $70.00 per month for each year of creditable service, adjusted annually for cost-of-living provisions.<br />
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