Tennessee Senate Bill SB0059

Tennessee 2023-2024 Regular Session

• Introduced: 12/29/22
• Engrossed: 2/13/23
• Enrolled: 2/14/23
• Passed: 3/6/23
• Chaptered: 3/23/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 4, Chapter 29 and Title 8, Chapter 34, relative to the Tennessee consolidated retirement system, board of trustees.

Impact

The proposed changes in SB 0059 are anticipated to streamline the governance of the Tennessee Consolidated Retirement System, particularly with respect to the responsibilities of the board of trustees. By amending existing statutes, the bill may strengthen the management and oversight of retirement funds, ultimately improving the financial stability of the retirement system. These adjustments will likely have implications for both current employees and retirees who depend on the proper functioning of the retirement benefits that this system provides.

Summary

Senate Bill 0059 proposes amendments to the Tennessee Code Annotated, particularly in Title 4, Chapter 29, and Title 8, Chapter 34, that govern the Tennessee Consolidated Retirement System and its Board of Trustees. The bill aims to clarify and update the structure and functions of the board, ensuring it aligns with current practices in managing the retirement system. This legislation is important for maintaining the governance framework associated with public employee retirement benefits in Tennessee.

Sentiment

Discussions surrounding SB 0059 have generally reflected a positive sentiment, with support from legislators who recognize the necessity of updating retirement system governance. Policymakers have expressed that the amendments will bolster the integrity and efficacy of the board, which oversees retirement funds for public employees. However, the lack of significant contention or opposition during discussions indicates a consensus on the perceived benefits of the bill.

Contention

While there has been little in the way of controversy regarding SB 0059, it is crucial to note that amendments to such pivotal governance structures may spark future debates related to transparency, accountability, or specific management practices of the board. Any alteration to how public retirement funds are managed has the potential to raise questions about the long-term impacts on benefits and the fiduciary responsibilities of those in charge.