Tennessee Senate Bill SB1815

Tennessee 2023-2024 Regular Session

• Introduced: 1/23/24

Caption

AN ACT to amend Tennessee Code Annotated, Title 4, Chapter 3, Part 24; Title 8, Chapter 34; Title 8, Chapter 35; Title 8, Chapter 36; Title 8, Chapter 39; Title 9 and Title 50, relative to retirement.

Impact

The implications of SB1815 are significant for state laws governing retirement systems in Tennessee. By establishing stricter timelines for the publication of financial reports, the bill aims to ensure that stakeholders have timely access to crucial fiscal information. This can potentially improve the oversight of the retirement system, allowing for better financial management and ensuring that retirees have confidence in the sustainability of their benefits.

Summary

Senate Bill 1815 seeks to amend several sections of the Tennessee Code Annotated related to retirement. This includes changes to the reporting requirements for the board of trustees overseeing the state's retirement system. The bill mandates that the board publish a report on fiscal transactions, detailing assets, liabilities, receipts, and expenditures annually within 60 days after the fiscal year. This adjustment aims to enhance the efficiency and promptness of financial reporting related to retirement systems, ultimately fostering public trust and transparency in fiscal matters.

Sentiment

The general sentiment surrounding SB1815 appears to be positive, particularly among those advocating for transparency and financial accountability in public retirement systems. Supporters argue that more frequent and timely reporting will contribute to a stronger financial foundation for the retirement system. However, there may be concerns regarding the additional administrative burden this could place on the board of trustees responsible for compliance with these new timelines.

Contention

While the bill is primarily focused on improving reporting practices, there may be points of contention regarding the capacity of the board to meet these new requirements effectively. Critics could express concerns about the resources and staffing needed to produce annual reports promptly, suggesting that the bill may create undue pressure on the board. It will be important to monitor the practical implications of the bill once enacted to assess whether it achieves its intended goals without unintended consequences.