Bill Title: As introduced, effective July 1, 2012, creates a new defined contribution plan as a mandatory retirement package for newly hired state employees; closes existing defined-benefit pension plan to newly hired state employees; requires state agencies to contribute no less than 6 percent and up to 15 percent of a participating employee's salary to an individual account and contribute a certain rate to the defined benefits plan in order to cover the plan's unfunded liabilities. - Amends TCA Title 8, Chapter 25, Part 1; Title 8, Chapter 25, Part 3; Title 8, Chapter 34; Title 8, Chapter 36 and Title 8, Chapter 37.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-12 - P2C, ref. to S. FW&M Comm. [SB2171 Detail]

Text: Latest bill text (Draft #1) [PDF]

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