Amends TCA Section 8-36-701.
Tennessee SB1157 amends TCA Section 8-36-701 to establish new criteria for adjusting retirement allowances based on consumer price index increases, specifically allowing for increases if there are over-collections in any fiscal year and the CPI increase is at least 0.5%. The bill affects beneficiaries of the retirement system, contingent upon their employer's governing body passing a resolution to accept the associated costs. Key provisions include the stipulation that if the CPI increase is less than 0.5%, no adjustment will be made, and it mandates reporting on over-collections by the commissioner of finance and administration.
Tennessee SB1157 amends TCA Section 8-36-701 to establish new criteria for adjusting retirement allowances based on consumer price index increases, specifically allowing for increases if there are over-collections in any fiscal year and the CPI increase is at least 0.5%. The bill affects beneficiaries of the retirement system, contingent upon their employer's governing body passing a resolution to accept the associated costs. Key provisions include the stipulation that if the CPI increase is less than 0.5%, no adjustment will be made, and it mandates reporting on over-collections by the commissioner of finance and administration.
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Kyle, Sara
114th General Assembly
February 6, 2025
February 12, 2025
Passed on Second Consideration, refer to Senate State and Local Government Committee