Tennessee HB0463 amends retirement benefits for members of the general assembly, converting hybrid plan participants to the legacy plan after ten.
Tennessee HB0463 modifies retirement benefits for members of the general assembly. It mandates the conversion of a member's participation in the retirement system from the hybrid plan to the legacy plan upon completing ten years of service. Additionally, it ensures that supplemental medical insurance benefits and retiree coverage are available to those who complete ten years of service on or after July 1, 2024. The act also restricts the right to continue coverage under the state employees group insurance plan for certain officials and their dependents. The changes take effect on July 1, 2025.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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