House Bill 1543, also known as Senate Bill 1533, amends various sections of the Tennessee Code Annotated to facilitate statutory revisions necessary for the implementation of the annual appropriations act. A significant change introduced in this bill is the establishment of a new employer match for state employees' contributions to their retirement plan. Specifically, for the fiscal year beginning July 1, 2023, the state employer match will be set at 200% of the amount contributed by each employee, capped at $100 per month. This provision is a temporary measure, as the employer match will revert to the previous calculation in subsequent fiscal years.

The bill aims to enhance the retirement benefits for state employees during the specified fiscal year, thereby encouraging participation in the retirement plan. The new language inserted into Section 8-25-303(a) outlines this temporary increase in the employer match, while no deletions from current law are noted in the summary provided. The act is set to take effect immediately upon becoming law, emphasizing its urgency in supporting the public welfare.

Statutes affected:
Introduced: 8-25-303(a), 8-25-303