Pensions and Retirement Benefits - As enacted, enacts the "Tennessee Trump Account Program Act." - Amends TCA Title 4; Title 8; Title 9 and Title 50.
Comp. became Pub. Ch. 910
Summary
The bill establishes the Tennessee Retirement Savings Board, a seven‑member body that will design and oversee a defined‑contribution retirement plan for private‑sector employees in the state. Employers with more than five workers must offer the plan unless they already provide a qualified retirement program, and workers are automatically enrolled at a 5% contribution rate that they can opt out of. The measure aims to expand retirement savings coverage without requiring employer contributions or creating new taxes.
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