TN HB1447

Creates the Tennessee Retirement Savings Plan Act establishing a state-administered defined contribution retirement plan for private sector employees whose employers do not offer qualified retirement plans

Establishes a 7-member Tennessee Retirement Savings Board (chaired by state treasurer, with governor appointees and legislative advisory members) with initial appointments beginning January 1, 2027

Requires employers with more than 5 employees to offer the plan through automatic payroll deduction with a default 5% contribution rate; employees may opt out

Phases in employer participation: employers with 100+ employees by January 1, 2029; 25-100 employees by January 1, 2030; 5-24 employees by January 1, 2031

Requires no employer contributions and explicitly shields employers from ERISA fiduciary duties; the state does not guarantee any rate of return on plan investments