Senate Bill 8, also known as the "Fairness in Benefits Act," amends various sections of the Tennessee Code Annotated related to retirement planning. The bill introduces a new provision that mandates employers participating in the Tennessee consolidated retirement system to allow the distribution of information and educational materials from private entities regarding alternative retirement plans and supplemental benefits. This dissemination must occur on the employer's premises, but outside of employees' official duty hours, and can involve direct contact with representatives from the private entities.

Additionally, the bill specifies that any alternative retirement plan offered by these private entities must be equivalent to a qualified retirement plan, referencing various sections of the Internal Revenue Code that outline such plans. The act is set to take effect immediately upon becoming law, emphasizing the importance of providing employees with access to diverse retirement planning options.