Council on Pensions recommends against three retirement bills, advances one; COLA proposal opposed

The Council on Pensions met March 3, 2025, and considered six bills affecting the Tennessee Consolidated Retirement System (TCRS), recommending one for passage to a standing committee and recommending against three others. The council also rolled one item for one week and removed another from the calendar "off notice."

Why it matters: The measures considered would change who may participate in or present information about retirement plan options for General Assembly members, whether some members can convert from the hybrid to the legacy plan after 10 years of service, and whether the statutory 3% COLA cap for retirees could be raised in fiscally strong years. These changes affect General Assembly members, retired state employees and teachers, and could have multi‑hundred‑million-dollar fiscal consequences for state and local budgets.

Senate Bill 0008 / House Bill 550 — access for private alternative-plan providers Senate Bill 0008 (House Bill 550) was described by Senator Lowe as a clarification measure establishing that state agencies involved in the consolidated retirement system must allow private providers to present private information about alternative plans. "This has no significant impact on the pension," Senator Lowe said, adding the bill brings clarity after a few firms had been excluded from presenting information. Department staff…