TN HB0017

Creates the Tennessee Retirement Savings Plan Act, establishing a 7-member Tennessee retirement savings board (chaired by the state treasurer) with appointments beginning January 1, 2026

Requires private employers with more than 5 employees to offer the state retirement plan through payroll deduction unless they already provide a qualified retirement plan (401(k), 403(b), etc.)

Sets a default contribution rate of 5% of wages with automatic enrollment and opt-out provisions; employees can adjust contribution levels within IRS limits

Phases in employer participation: employers with 100+ employees by January 1, 2028; 25-100 employees by January 1, 2029; 5-24 employees by January 1, 2030

Prohibits the board from establishing the plan if it would qualify as an employee benefit plan under ERISA; the state and employers have no liability for investment losses and no rate of return is guaranteed