Amends TCA Title 3; Title 8, Chapter 34; Title 8, Chapter 35 and Title 8, Chapter 36.
Tennessee SB1416 requires the board of trustees to convert a member of the general assembly's participation in the Tennessee consolidated retirement system from the hybrid plan to the legacy plan after they complete 10 years of service, provided they joined the assembly on or after July 1, 2014. This bill affects members of the general assembly who meet the specified service requirement and mandates written notification of the conversion to the member. Additionally, the office of legislative administration is tasked with notifying the board of trustees when a member reaches the 10-year service milestone.
Tennessee SB1416 requires the board of trustees to convert a member of the general assembly's participation in the Tennessee consolidated retirement system from the hybrid plan to the legacy plan after they complete 10 years of service, provided they joined the assembly on or after July 1, 2014. This bill affects members of the general assembly who meet the specified service requirement and mandates written notification of the conversion to the member. Additionally, the office of legislative administration is tasked with notifying the board of trustees when a member reaches the 10-year service milestone.
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