Fairness in Benefits Act
Amends TCA Title 8, Chapter 27; Title 8, Chapter 34; Title 8, Chapter 35; Title 8, Chapter 36 and Title 8, Chapter 37.
Tennessee HB0550, titled the "Fairness in Benefits Act," mandates that employers participating in the Tennessee consolidated retirement system (TCRS) must permit the distribution of information and educational materials from private entities about alternative retirement plans and life contracts to their employees, provided this occurs outside of official duty hours. The bill specifically requires that these alternative retirement plans be equivalent to qualified retirement plans as defined by the Internal Revenue Code. Key changes include the focus on life contracts in addition to alternative retirement plans, as outlined in Amendment #1.
Tennessee HB0550, titled the "Fairness in Benefits Act," mandates that employers participating in the Tennessee consolidated retirement system (TCRS) must permit the distribution of information and educational materials from private entities about alternative retirement plans and life contracts to their employees, provided this occurs outside of official duty hours. The bill specifically requires that these alternative retirement plans be equivalent to qualified retirement plans as defined by the Internal Revenue Code. Key changes include the focus on life contracts in addition to alternative retirement plans, as outlined in Amendment #1.
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Cochran, Mark
114th General Assembly
January 29, 2025
May 8, 2025
Pub. Ch. 341