Amends TCA Title 8, Chapter 25 and Title 8, Chapter 35.

ON MARCH 20, 2023, THE SENATE ADOPTED AMENDMENT #2 AND PASSED SENATE BILL 1086, AS AMENDED. AMENDMENT #2 rewrites this bill and provides that, for the purposes of regulating multiple memberships in public retirement systems, a public employee retirement system does not include a defined benefit pension plan established and maintained by a local government employer that is supplemental to the employer’s participation in the Tennessee consolidated retirement system (TCRS), and was established prior to the effective date of this bill, where the total combined employer and employee contributions do not exceed 7 percent of the employee’s salary, and the supplemental benefits are subject to the statutory limitations. At the request of TCRS, the local government must conduct a periodic audit using an auditing or accounting firm to demonstrate compliance with any applicable state or federal limitations, regulation, or ruling with the cost of the audit to be paid by the local government. MEMBERSHIP IN RETIREMENT SYSTEM AS CONDITION OF EMPLOYMENT Present law provides that the provisions governing mandatory membership in retirement systems as a condition of employment do not apply to retired members of the retirement system or of a superseded system who return to service in enumerated positions covered by the retirement system. This amendment removes the provision above and provides, instead, that the regulatory provisions regarding mandatory membership do not apply to retired members of the retirement system nor to retired members of a superseded system who return to service in a position covered by the retirement system that does not allow the retired member to accrue additional retirement benefits.