Establishes a Tennessee retirement savings board to create and manage a defined contribution retirement plan for eligible residents.

The Tennessee Retirement Savings Plan Act establishes a Tennessee retirement savings board to develop and manage a defined contribution retirement plan for eligible residents. The board must conduct a market and legal analysis before establishing the plan. The plan will allow eligible employees to contribute to their accounts through payroll deductions, with a default contribution rate of five percent. Employers are not required to contribute to employee accounts. The board will establish rules for the plan, including processes for enrollment, withdrawals, and investment of contributions.

Establishes a Tennessee retirement savings board to create and manage a defined contribution retirement plan for eligible residents.

The Tennessee Retirement Savings Plan Act establishes a Tennessee retirement savings board to develop and manage a defined contribution retirement plan for eligible residents. The board must conduct a market and legal analysis before establishing the plan. The plan will allow eligible employees to contribute to their accounts through payroll deductions, with a default contribution rate of five percent. Employers are not required to contribute to employee accounts. The board will establish rules for the plan, including processes for enrollment, withdrawals, and investment of contributions.