Establishes a Tennessee Retirement Savings Plan for state residents employed by private employers.
The Tennessee Retirement Savings Plan Act creates a defined contribution retirement plan for residents employed by private employers. The plan is developed by the Tennessee Retirement Savings Board, which is tasked with conducting market and legal analyses, establishing rules, and ensuring compliance with federal and state laws. Employers with more than five employees must offer the plan to their workers, with a default contribution rate of 5% of wages. The plan is not an employer-sponsored retirement plan, and the state and employers have no proprietary interest in contributions or earnings.
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