House Bill 2117 amends Tennessee Code Annotated, Section 8-36-916, specifically addressing retirement benefits for members of the general assembly. The bill modifies the employer contribution rate by deleting the previous third sentence in subsection (c)(1) and replacing it with new language. The new provision stipulates that the employer contribution must be five percent (5%) of an employee's salary, but for sitting members of the general assembly who have at least ten (10) years of creditable service in the hybrid plan, the contribution will increase to ten percent (10%) of their salary, effective on or after November 3, 2026.

The act is set to take effect upon becoming law, emphasizing the public welfare, and it specifically applies to members of the general assembly who are in office starting from the specified date in 2026. This change aims to enhance retirement benefits for long-serving members of the general assembly, thereby incentivizing continued public service.

Statutes affected:
Introduced: 8-36-916(c)(1), 8-36-916