SB1416 amends Tennessee retirement system participation for general assembly members.
SB1416 amends Tennessee Code to change retirement system participation for members of the general assembly. Specifically, it mandates the board of trustees to convert a member's participation from the hybrid plan to the legacy plan upon completing ten years of service, if they joined the assembly on or after July 1, 2014. The office of legislative administration must notify the board when a member reaches this milestone. The changes take effect July 1, 2025, and apply to those completing ten years of service on or after July 1, 2024.
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