Tennessee legislation · 114th General Assembly
Tennessee SB2397: AN ACT to amend Tennessee Code Annotated, Title 4; Title 8; Title 9 and Title 50, relative to retirement.
Status: Chaptered, May 15, 2026
Fiscal Summary STATE GOVERNMENTEXPENDITURESGeneral FundFY26-27$712,600FY27-28$498,600FY28-29$1,100,800FY29-30 & Subsequent Years$1,075,800Total Positions Required: 5 OTHER FISCAL IMPACT The extent to which state expenditures will be offset by participant fee revenue once the plan reaches appropriate scale is unknown and cannot be quantified with reasonable certainty. Bill Summary This bill enacts the "Tennessee Retirement Savings Plan Act," which establishes a Tennessee retirement savings board ("board"), to be administratively attached to the department of treasury with department staff providing administrative support, to develop a defined contribution retirement plan for residents of this state who are employed for compensation in this state. BOARD This bill establishes a board consisting of the following seven members: (i) the state treasurer or the treasurer's designee, (ii) a representative of employers appointed by the governor, (iii) a representative with experience in the field of investments appointed by the governor, (iv) a representative of an association representing employees appointed by the governor, (v) a member of the public who is retired, (vi) a member of the senate, appointed by the speaker of the senate to be a nonvoting advisory member of the board, and (vii) a member of the house of representatives, appointed by the speaker of the house of representatives to be a nonvoting advisory member of the board. The state treasurer or the treasurer's designee serves as chair of the board. A majority of the voting members of the board constitutes a quorum for the transaction of business. Terms of Office This bill requires the governor and the speakers of the senate and the house of representatives to first make appointments to the board for terms of office beginning on January 1, 2027. Of the members first
What the bill says
From the amended text:
Senate State and Local Government 1 Amendment No. 1 to SB2397 Briggs Signature of Sponsor AMEND S e n ate Bill No. 2397 House Bill No. 1447* by deleting all language after the enacting clause and substituting: SECTION 1. Tennessee Code Annotated, Title 9, Chapter 4, is amended by adding the following as a new part: 9-4-1601. This part is known and may be cited as the "Tennessee Trump Account Program Act". 9-4-1602. As used in this part, unless the context otherwise requires: (1) "Federal law" means federal law, as amended, and all rules, regulations, notices, guidance, and interpretations released by the United States department of the treasury, including the internal revenue service. (2) "State" means the state of Tennessee; and (3) "Trump account" means an account established in accordance with § 530A of the Internal Revenue Code (26 U.S.C. § 530A), as amended, other applicable provisions in the code, and all rules, regulations, notices, guidance and interpretations released by the United States department of the treasury, including the internal revenue service. 9-4-1603. Notwithstanding any law to the contrary and subject to the approval of the United States department of the treasury, the state may act as a nonbank custodian pursuant to 26 CFR § 1.408-2(e) for Trump account funds, subject to requirements in federal law. If SA0897 the state …