Senate Bill 1533 and House Bill 1543 propose amendments to Tennessee Code Annotated, specifically Section 8-25-303(a), regarding the state employer match for employee contributions to a retirement plan. The original bill suggested a state employer match of two hundred percent (200%) of the amount contributed by each state employee per month, capped at one hundred dollars ($100) for the fiscal year beginning July 1, 2023. However, an amendment to the bill changes this match to one hundred percent (100%) for the same fiscal year, with the employer match reverting to the previous calculation in subsequent years.

The bill aims to implement these changes as part of the annual appropriations act, ensuring that state employees receive a defined employer match for their contributions. The act will take effect upon becoming law, emphasizing the importance of timely implementation for the public welfare.

Statutes affected:
Introduced: 8-25-303(a), 8-25-303
Amended with HA0443 -- 04/19/2023: 8-25-303(a), 8-25-303