Amends TCA Section 8-36-701.
Tennessee HB1296 amends TCA Section 8-36-701 to establish a new framework for adjusting retirement allowances based on consumer price index changes, effective July 1, 2025, contingent upon over-collections in fiscal years. It affects beneficiaries of the retirement system, allowing for increases in retirement allowances if the consumer price index rises by at least 0.5%, with specific provisions for rounding and reporting by the commissioner of finance and administration. The bill also requires participating employers to pass a resolution to accept the associated costs before the adjustments take effect, and it prohibits retroactive benefits.
Tennessee HB1296 amends TCA Section 8-36-701 to establish a new framework for adjusting retirement allowances based on consumer price index changes, effective July 1, 2025, contingent upon over-collections in fiscal years. It affects beneficiaries of the retirement system, allowing for increases in retirement allowances if the consumer price index rises by at least 0.5%, with specific provisions for rounding and reporting by the commissioner of finance and administration. The bill also requires participating employers to pass a resolution to accept the associated costs before the adjustments take effect, and it prohibits retroactive benefits.
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Powell, Jason
114th General Assembly
February 6, 2025
March 19, 2025
Failed in s/c Public Service Subcommittee of State & Local Government Committee