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TN HB0550
Bill
Status
5/8/2025
Primary Sponsor
Mark Cochran
Click for details
AI Summary
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Employers participating in the Tennessee Consolidated Retirement System must allow private entities to distribute information about alternative retirement plans and life contracts to employees on employer premises, outside of official duty hours
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Private entity representatives may have direct contact with employees to share educational materials about their retirement plan offerings
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Alternative retirement plans offered must be functionally equivalent to qualified plans under IRC Sections 401(a), 401(k), 403(a), 403(b), 408(k), 408(p), or 457(b)
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Cited as the "Fairness in Benefits Act"
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Passed April 16, 2025 and signed by Governor Bill Lee on May 2, 2025; took effect immediately upon becoming law
Legislative Description
AN ACT to amend Tennessee Code Annotated, Title 8, Chapter 27; Title 8, Chapter 34; Title 8, Chapter 35; Title 8, Chapter 36 and Title 8, Chapter 37, relative to retirement planning.
Pensions and Retirement Benefits
Last Action
Effective date(s) 05/02/2025
5/8/2025