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Chairman Baum takes off notice bill to create Treasury‑run private retirement option
Summary
HB 1447 would require the state treasurer to set up a Treasury‑administered defined‑contribution retirement option for private‑sector workers without employer plans (auto‑enroll default 5%); sponsor asked the committee to take the bill off notice to consult with the treasurer.
Chairman Baum described HB 1447 as a conservative proposal to increase retirement savings among private‑sector workers by creating a Treasury‑run defined‑contribution option modeled on the Tennessee Consolidated Retirement System. He said participation would be voluntary for employees, with a 5% default automatic enrollment that employees could adjust, and employers would not be required to contribute.
Baum asked the committee to take the bill off notice while he consults further with the treasurer to refine administrative details. Chairman Darvey acknowledged the request and the committee took HB 1447 off notice for further work.
