Pensions and Retirement Benefits - As introduced, redefines "average final compensation" to cap such amount at the salary of a Class 1 official for persons in the Tennessee consolidated retirement system. - Amends TCA Title 8, Chapter 34; Title 8, Chapter 35; Title 8, Chapter 36 and Title 8, Chapter 37.
  • Bill History
  • Amendments
  • Video
  • Summary
  • Fiscal Note
  • Votes
  • Actions For SB0323Date
    Assigned to Gen. Sub of: S. S&L Govt. Comm.03/29/2011
    Placed on S. S&L Govt. Comm. cal. for 3/29/201103/23/2011
    P2C, ref. to S. S&L Govt. Comm.02/09/2011
    Intro., P1C.02/07/2011
    Sponsor(s) Added.02/02/2011
    Filed for intro.02/02/2011
    Actions For HB0327Date
    Assigned to s/c General Sub of Finance02/16/2011
    P2C, ref. to Finance, Ways & Means Committee02/10/2011
    Intro., P1C.02/09/2011
    Filed for intro.02/07/2011
  • No amendments for SB0323.
    No amendments for HB0327.

  • Videos containing keyword: SB0323

  • Fiscal Summary

    Decrease State Expenditures - $830,200 Decrease Federal Expenditures - $276,800 Decrease Local Expenditures - $192,000


    Bill Summary

    This bill limits the amount of a retiree's average final compensation for purposes of the Tennessee consolidated retirement system (TCRS) to no more than the salary of a Class 1 official.

    Under present law, the pension of a person who retires under the TCRS is based on the retiree's average final compensation, which is the average annual earnable compensation of a TCRS member during the five consecutive years of the member's creditable service affording the highest such average, or during all of the years in the member's creditable service if less than five years.

    Under present law, the Class 1 officials are the commissioner of education, commissioner of finance and administration, commissioner of transportation, comptroller of the treasury, secretary of state, and treasurer.

  • FiscalNote for SB0323/HB0327 filed under SB0323
  • House Floor and Committee Votes

    Votes for Bill HB0327 by the House are not available.

    Senate Floor and Committee Votes

    Votes for Bill SB0323 by the Senate are not available.