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HB0550 • 2026

Pensions and Retirement Benefits

AN ACT to amend Tennessee Code Annotated, Title 8, Chapter 27; Title 8, Chapter 34; Title 8, Chapter 35; Title 8, Chapter 36 and Title 8, Chapter 37, relative to retirement planning.

Labor Taxes
Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Cochran, Lowe
Last action
2025-05-08
Official status
Effective date(s) 05/02/2025
Effective date
Not listed

Plain English Breakdown

The bill summary and text do not provide details about specific penalties or enforcement mechanisms.

Fairness in Benefits Act

This bill allows employers who are part of Tennessee's retirement system to permit private companies to share information about their retirement plans and supplemental benefits with employees during non-work hours.

What This Bill Does

  • Enacts the 'Fairness in Benefits Act'.
  • Requires employers participating in Tennessee’s consolidated retirement system (TCRS) to allow private entities to disseminate information and educational materials regarding alternative retirement plans and supplemental benefits on company premises, outside of work time.
  • Specifies that any alternative retirement plan must be a functional equivalent of a qualified retirement plan under federal law.

Who It Names or Affects

  • Employers who are part of Tennessee’s consolidated retirement system (TCRS).
  • Employees of these employers.
  • Private entities offering retirement plans and supplemental benefits.

Terms To Know

Tennessee Consolidated Retirement System (TCRS)
A state-run pension plan for public employees in Tennessee.
Qualified retirement plan
A retirement plan that meets specific requirements under federal tax laws, allowing certain tax benefits.

Limits and Unknowns

  • The bill does not specify how private entities can share information or what kind of materials they can distribute.
  • It is unclear if there are any penalties for employers who do not comply with the new rules.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

Amendment 1-0 to SB0008

Plain English: The amendment allows employers in Tennessee to permit private entities to provide information about alternative retirement plans on company premises during non-work hours.

  • Adds new sections to Title 8, Chapter 36 of the Tennessee Code Annotated allowing employers participating in the Tennessee consolidated retirement system to allow private entities to distribute information and educational materials regarding their alternative retirement plans to employees outside work hours.
  • Specifies that any alternative retirement plan offered by a private entity must meet certain qualifications under federal tax law.
  • The amendment text does not specify the exact nature of 'direct contact' or how it will be regulated, which may leave some details unclear.

Bill History

  1. 2025-05-08 Tennessee General Assembly

    Effective date(s) 05/02/2025

  2. 2025-05-08 Tennessee General Assembly

    Pub. Ch. 341

  3. 2025-05-08 Tennessee General Assembly

    Comp. became Pub. Ch. 341

  4. 2025-05-02 Tennessee General Assembly

    Signed by Governor.

  5. 2025-04-22 Tennessee General Assembly

    Transmitted to Governor for his action.

  6. 2025-04-22 Tennessee General Assembly

    Signed by Senate Speaker

  7. 2025-04-22 Tennessee General Assembly

    Signed by H. Speaker

  8. 2025-04-17 Tennessee General Assembly

    Enrolled; ready for sig. of H. Speaker.

  9. 2025-04-16 Tennessee General Assembly

    H. concurred in S. am. no. 1 Ayes 89, Nays 0 PNV 0 HB0550

  10. 2025-04-15 Tennessee General Assembly

    H. Placed on Message Calendar 4/16/2025

  11. 2025-04-14 Tennessee General Assembly

    Passed Senate as amended, Ayes 32, Nays 0

  12. 2025-04-14 Tennessee General Assembly

    Senate adopted Amendment (Amendment 1 - SA0322)

  13. 2025-04-14 Tennessee General Assembly

    Senate substituted House Bill for companion Senate Bill.

  14. 2025-04-14 Tennessee General Assembly

    Companion House Bill substituted

  15. 2025-04-11 Tennessee General Assembly

    Placed on Senate Regular Calendar for 4/14/2025

  16. 2025-04-03 Tennessee General Assembly

    Received from House, Passed on First Consideration

  17. 2025-04-02 Tennessee General Assembly

    Recommended for passage with amendment/s, refer to Senate Calendar Committee Ayes 8, Nays 0 PNV 0

  18. 2025-04-01 Tennessee General Assembly

    Engrossed; ready for transmission to Sen.

  19. 2025-04-01 Tennessee General Assembly

    Placed on Senate State and Local Government Committee calendar for 4/2/2025

  20. 2025-04-01 Tennessee General Assembly

    Action deferred in Senate State and Local Government Committee to 4/2/2025

  21. 2025-03-31 Tennessee General Assembly

    Passed H., Ayes 93, Nays 0, PNV 2

  22. 2025-03-27 Tennessee General Assembly

    H. Placed on Consent Calendar for 3/31/2025

  23. 2025-03-26 Tennessee General Assembly

    Placed on cal. Calendar & Rules Committee for 3/27/2025

  24. 2025-03-26 Tennessee General Assembly

    Rec. for pass; ref to Calendar & Rules Committee

  25. 2025-03-26 Tennessee General Assembly

    Placed on Senate State and Local Government Committee calendar for 4/1/2025

  26. 2025-03-25 Tennessee General Assembly

    Action deferred in Senate State and Local Government Committee to 4/1/2025

  27. 2025-03-19 Tennessee General Assembly

    Placed on cal. State & Local Government Committee for 3/26/2025

  28. 2025-03-19 Tennessee General Assembly

    Rec. for pass by s/c ref. to State & Local Government Committee

  29. 2025-03-19 Tennessee General Assembly

    Placed on Senate State and Local Government Committee calendar for 3/25/2025

  30. 2025-03-18 Tennessee General Assembly

    Action deferred in Senate State and Local Government Committee to 3/25/2025

  31. 2025-03-13 Tennessee General Assembly

    Placed on s/c cal Public Service Subcommittee for 3/19/2025

  32. 2025-03-11 Tennessee General Assembly

    Placed on Senate State and Local Government Committee calendar for 3/18/2025

  33. 2025-02-05 Tennessee General Assembly

    Assigned to s/c Public Service Subcommittee

  34. 2025-02-05 Tennessee General Assembly

    P2C, ref. to State & Local Government Committee

  35. 2025-02-03 Tennessee General Assembly

    Intro., P1C.

  36. 2025-01-29 Tennessee General Assembly

    Filed for introduction

  37. 2025-01-15 Tennessee General Assembly

    Passed on Second Consideration, refer to Senate State and Local Government Committee

  38. 2025-01-14 Tennessee General Assembly

    Introduced, Passed on First Consideration

  39. 2024-12-02 Tennessee General Assembly

    Filed for introduction

Official Summary Text

This bill enacts the "Fairness in Benefits Act," which requires an employer participating in the Tennessee consolidated
retirement system (TCRS) to allow the dissemination of information and educational materials developed by a private entity regarding the entity's alternative retirement plans and supplemental benefits to its employees on the employer's premises, but outsi
d
e an employee's official duty hours, through direct contact with the private entity's representatives. This bill requires such an alternative retirement plan offered by the private entity to be the functional equivalent of a qualified retirement plan, in
c
luding, but not limited to, a plan qualified under Section 401(a), 401(k), 403(a), 403(b), 408(k), 408(p), or 457(b) of the Internal Revenue Code.

ON APRIL 14, 2025, THE SENATE SUBSTITUTED HOUSE BILL 550 FOR SENATE BILL 8, ADOPTED AMENDMENT #1, AND PASSE
D HOUSE BILL 550, AS AMENDED.

AMENDMENT #1 revises the bill by allowing such materials to be disseminated regarding an entity's
alternative retirement plans and
life contracts, instead of supplemental benefits.

Current Bill Text

Read the full stored bill text 
SENATE BILL 8
By Lowe

HOUSE BILL 550
By Cochran

HB0550
000487
- 1 -

AN ACT to amend Tennessee Code Annotated, Title 8,
Chapter 27; Title 8, Chapter 34; Title 8, Chapter
35; Title 8, Chapter 36 and Title 8, Chapter 37,
relative to retirement planning.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. This act is known and may be cited as the "Fairness in Benefits Act."
SECTION 2. Tennessee Code Annotated, Title 8, Chapter 36, Part 1, is amended by
adding the following as a new section:
(a) An employer participating in the Tennessee consolidated retirement system
shall allow the dissemination of information and educational materials developed by a
private entity regarding the entity's alternative retirement plans and supplemental
benefits to its employees on the employer's premises, but outside an employee's official
duty hours, through direct contact with the private entity's representatives.
(b) An alternative retirement plan offered by a private entity as described in
subsection (a) must be the functional equivalent of a qualified retirement plan, including,
but not limited to, a plan qualified under Section 401(a), 401(k), 403(a), 403(b), 408(k),
408(p), or 457(b) of the Internal Revenue Code (U.S.C. title 26).
SECTION 3. This act takes effect upon becoming a law, the public welfare requiring it.