Plain English Breakdown
The bill text specifies that the change applies to members of the general assembly with at least ten years of service in the hybrid plan as of November 3, 2026. The exact financial impact beyond FY30-31 is uncertain and not specified.
Increasing Retirement Contributions for Tennessee Legislators
This act changes how much money the state contributes to retirement benefits for certain legislators who have been serving for at least ten years.
What This Bill Does
- Changes the amount of money the state contributes to the retirement plan for some members of the general assembly.
- Increases the employer contribution from 5% to 10% for sitting members with at least 10 years of service in the hybrid plan as of November 3, 2026.
Who It Names or Affects
- Current and future members of the Tennessee General Assembly with at least ten years of service in the hybrid retirement plan as of November 3, 2026.
Terms To Know
- Hybrid Retirement Plan
- A type of pension system that combines elements of traditional defined benefit plans and defined contribution plans.
- Employer Contribution
- The portion of retirement benefits paid by the employer, not just the employee.
Limits and Unknowns
- Does not specify how this change will affect other state employees or retirees.
- The exact financial impact on the state budget is uncertain beyond the initial years provided in the summary.