House Bill 462 amends Tennessee Code Annotated to modify retirement system participation for members of the general assembly. Specifically, it introduces a new subsection (f) to Section 8-36-903, which allows members who joined the general assembly on or after July 1, 2014, to convert their retirement plan from the hybrid plan to the legacy plan after completing ten years of service. The board of trustees is responsible for this conversion and must provide written notification to the member once it is completed. Additionally, the office of legislative administration is tasked with notifying the board when a member reaches the ten-year service milestone.

The bill is set to take effect on July 1, 2025, and will apply to those who complete ten years of service as a member of the general assembly on or after July 1, 2024. This change aims to provide a clearer pathway for retirement benefits for newer members of the general assembly, ensuring they have the option to transition to a legacy retirement plan after a decade of service.

Statutes affected:
Introduced: 8-36-903