Tennessee House Bill HB0917

Tennessee 2023-2024 Regular Session

• Introduced: 1/30/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 8, Chapter 36, Part 8, relative to retirement.

Impact

Should HB 0917 be enacted, it will significantly influence the administrative processes surrounding retirement submissions within Tennessee. By permitting electronic submissions, the bill aims to simplify and expedite the reporting processes for entities involved in retirement planning and management. This shift towards digital submission is expected to streamline communication between employers and the state, facilitating smoother compliance with retirement-related regulations.

Summary

House Bill 0917 aims to amend Tennessee Code Annotated, specifically Title 8, Chapter 36, Part 8, concerning retirement regulations. The primary focus of the bill is to enhance the process by which employing entities can submit specific retirement-related information. The amendment introduces a provision that allows the head of the employing entity, or a designated representative, to submit required information in an electronic format. This change is intended to modernize the submission process and improve efficiency in handling retirement data.

Contention

While the bill's changes are primarily logistical, there may be underlying contentions related to data privacy and the transition to digital formats. Stakeholders might express concerns about the security of electronic submissions and the potential for errors or breaches in sensitive financial information. Additionally, there may be discussions about ensuring that all entities, especially smaller ones with less access to technological resources, can adapt to these new requirements effectively.