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Council recommends passage of amendment allowing part‑time employees to opt out of TCRS participation
Summary
The Council on Pensions voted 11-0 to recommend passage of House Bill 535 / Senate Bill 510 as amended; the amendment adds a provision allowing part‑time employees to opt out of participation in the Tennessee Consolidated Retirement System by filing a form within 30 days.
The Council on Pensions voted unanimously on March 10 to recommend passage of House Bill 535 / Senate Bill 510 as amended to allow part‑time employees the option to opt out of participation in the Tennessee Consolidated Retirement System (TCRS).
Senator Wally, sponsor of the measure, brought an amendment (drafting code 4544) requested by the Department of Treasury to add a 30‑day opt‑out procedure for part‑time employees; the amendment was adopted in committee. Mister Weyman of the Department of Treasury described the change in brief testimony: part‑time employees would be included by default unless they file an opt‑out form within 30 days with the retirement system.
After the amendment was adopted the committee voted 11‑0 to recommend the bill for passage to its respective standing committee. Treasury staff said the opt‑out amendment was requested by the department and suggested it was a prudent clarification of the bill as previously drafted; no additional staffing or budgetary impacts were reported on the record.
The Council’s positive recommendation sends the amended measure forward to the next committee stage.
