Adjusts retirement allowances for Tennessee retirees based on consumer price index increases and state tax over-collections.

This bill amends Tennessee's retirement system to adjust beneficiaries' retirement allowances based on consumer price index increases and state tax over-collections. Effective July 1, 2025, if there are over-collections and the consumer price index increases by at least 0.5%, retirees' allowances will increase by the same percentage. If the increase is less than 0.5%, no increase is granted. The commissioner of finance and administration determines over-collections and reports to the board of trustees, which implements the increase if over-collections are reported.

Adjusts retirement allowances for Tennessee retirees based on consumer price index increases and state tax over-collections.

This bill amends Tennessee's retirement system to adjust beneficiaries' retirement allowances based on consumer price index increases and state tax over-collections. Effective July 1, 2025, if there are over-collections and the consumer price index increases by at least 0.5%, retirees' allowances will increase by the same percentage. If the increase is less than 0.5%, no increase is granted. The commissioner of finance and administration determines over-collections and reports to the board of trustees, which implements the increase if over-collections are reported.