Plain English Breakdown
Checked against official source text during the last sync.
Tennessee Retirement Benefits Act
This bill requires the board of trustees for Tennessee's Consolidated Retirement System to include specific information about retirement contributions in their annual report.
What This Bill Does
- Requires the board of trustees of TCRS to add a certification to their annual report.
- The certification must show how much money employers need to pay for state judges and attorneys general who are part of Groups 1, 3, and 4 in the retirement system.
- This information includes normal contributions, accumulated liability contributions, and cost-of-living contributions.
Who It Names or Affects
- The board of trustees of TCRS
- Employers who provide retirement benefits for state judges and attorneys general
Terms To Know
- TCRS
- Tennessee Consolidated Retirement System, which manages retirement funds for public employees.
- Certification
- A formal statement that confirms the accuracy of information provided in a report.
Limits and Unknowns
- The bill does not specify what happens if an employer fails to meet their contribution requirements.
- It is unclear how this change will affect other groups within the retirement system besides Groups 1, 3, and 4.