Tennessee House Bill HB2526

Tennessee 2023-2024 Regular Session

• Introduced: 1/30/24

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 adjustment in reporting timeline is significant as it aims to improve the efficiency of financial oversight within the state's retirement system. By requiring prompt publication of the fiscal report, the bill may lead to better monitoring of the health of the retirement fund, increase accountability among trustees, and facilitate informed decision-making by stakeholders, including public employees and their representatives. Overall, the changes are expected to positively impact the management and sustainability of retirement resources for state employees.

Summary

House Bill 2526 proposes amendments to various sections of the Tennessee Code Annotated related to the state's retirement system. Primarily, the bill modifies the reporting requirements for the board of trustees overseeing the retirement system. It specifically mandates that the board publish an annual report within sixty days after the end of each fiscal year, detailing the system's fiscal transactions, which include assets, liabilities, receipts, and expenditures. This change aims to enhance transparency and ensure timely dissemination of critical financial information regarding the retirement system.

Contention

While the bill itself may not contain overt contention, debates surrounding retirement system management and transparency have historically been a point of discussion among policymakers. Stakeholders in the retirement community might have differing opinions on the adequacy of the proposed reporting requirements, especially regarding whether they sufficiently address concerns about the financial health and long-term viability of retirement benefits for state employees.