Amends TCA Title 4; Title 8; Title 9 and Title 50.
Tennessee HB0017 establishes the "Tennessee Retirement Savings Plan Act," creating a Tennessee Retirement Savings Board to develop a defined contribution retirement plan for state residents employed for compensation. The bill affects employers with more than five employees, requiring them to offer payroll deduction contributions unless they provide a qualified retirement plan, and outlines provisions for automatic enrollment, contribution rates, and participant protections. Key provisions include the establishment of an administrative fund, rules for plan operation, and a timeline for implementation based on employer size, with contributions beginning no later than January 1, 2028.
Tennessee HB0017 establishes the "Tennessee Retirement Savings Plan Act," creating a Tennessee Retirement Savings Board to develop a defined contribution retirement plan for state residents employed for compensation. The bill affects employers with more than five employees, requiring them to offer payroll deduction contributions unless they provide a qualified retirement plan, and outlines provisions for automatic enrollment, contribution rates, and participant protections. Key provisions include the establishment of an administrative fund, rules for plan operation, and a timeline for implementation based on employer size, with contributions beginning no later than January 1, 2028.
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