Amends TCA Title 3; Title 8, Chapter 34; Title 8, Chapter 35 and Title 8, Chapter 36.
Tennessee HB0462 requires the board of trustees to convert the retirement plan participation of members of the general assembly from the hybrid plan to the legacy plan after they complete 10 years of service, specifically for those who became members on or after July 1, 2014. The bill mandates that the board provide written notification to the member upon completion of the conversion and that the office of legislative administration notify the board when a member reaches the 10-year service milestone. This change affects members of the general assembly and alters their retirement plan options within the Tennessee consolidated retirement system (TCRS).
Tennessee HB0462 requires the board of trustees to convert the retirement plan participation of members of the general assembly from the hybrid plan to the legacy plan after they complete 10 years of service, specifically for those who became members on or after July 1, 2014. The bill mandates that the board provide written notification to the member upon completion of the conversion and that the office of legislative administration notify the board when a member reaches the 10-year service milestone. This change affects members of the general assembly and alters their retirement plan options within the Tennessee consolidated retirement system (TCRS).
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