House Bill 1447, known as the "Tennessee Retirement Savings Plan Act," establishes a Tennessee retirement savings board consisting of seven members, including the state treasurer and appointees from the governor and legislative leaders. The board is responsible for creating a defined contribution retirement plan that allows Tennessee employees to contribute through payroll deductions. Employers with more than five employees must offer this plan unless they provide a qualified retirement plan. The bill includes provisions for automatic enrollment, default contribution rates, and the management of participant accounts, while also ensuring the protection of participants' personal information and assets from creditors.

Furthermore, the bill prohibits local governments from offering retirement plans for individuals not employed by a governmental entity, with exceptions for existing plans for independent contractors. It requires state agencies to collaborate with the Tennessee retirement savings board to develop a service plan by July 1, 2027, and mandates the board to report to legislative committees on market analysis, legal findings, and recommendations for enhancing financial literacy. The implementation timeline for the defined contribution retirement plan is set to begin on January 1, 2029, for larger employers, with smaller employers required to comply by January 1, 2031.

Statutes affected:
Introduced: 4-29-249(a), 4-29-249