Bill Title: As introduced, effective January 1, 2013, 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 annually no less than 2 percent of a participating employee's salary to an individual account and to match employee contributions up to an additional 6 percent. - Amends TCA Title 8.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-25 - P2C, ref. to S. S&L Govt. Comm. [SB2668 Detail]

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

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