Tennessee House Bill HB0174

Tennessee 2023-2024 Regular Session

• Introduced: 1/12/23
• Refer: 1/21/23
• Refer: 2/21/23
• Refer: 3/1/23
• Engrossed: 3/14/23
• Enrolled: 3/21/23
• Passed: 4/6/23
• Chaptered: 4/18/23

Caption

AN ACT to amend Tennessee Code Annotated, Section 8-25-213, relative to the optional retirement program.

Impact

If enacted, HB 0174 will influence the administration of optional retirement programs within Tennessee. This could lead to changes in the retirement benefits structure and impact how public employees save for retirement. The amendment is designed to encourage participation in retirement plans, enabling public employees to secure better financial futures. The proposed changes may help Tennessee retain qualified personnel by offering competitive retirement benefits compared to private sector jobs.

Summary

House Bill 0174 seeks to amend Tennessee Code Annotated, specifically Section 8-25-213, concerning optional retirement programs for public employees. The bill's main objective is to provide greater flexibility within the retirement plans available to state employees. It aims to modernize the retirement options, ensuring that public employees have access to attractive options that align with contemporary retirement needs and expectations.

Sentiment

The general sentiment surrounding the bill appears to be positive, particularly among supporters who acknowledge the necessity of updating retirement options to remain competitive and appealing to public service workers. However, there may be skepticism regarding the effectiveness of implementation and the potential for unforeseen consequences on existing retirement systems, and some may raise concerns about funding adequacy and administration of the amended programs.

Contention

While there seems to be a consensus on the need for reforming retirement options, issues of funding, the impact on existing retirees, and the overall management of these retirement programs are likely areas of contention. Stakeholders may express a need for more comprehensive discussions about the financial implications of expanding retirement options and how these changes will be financed sustainably in the long term.