Deferred compensation plans - Approval of plans - Approval of companies providing plans

(a) The state of Tennessee or any Tennessee political subdivision or instrumentality of such subdivision may, by contract, agree with any employee to defer, in whole or in part, any portion of that employee's income and may subsequently purchase or contract with any company licensed to do business in this state to provide a deferred compensation plan, as requested by the employee. (b) The commissioner of finance and administration, the chair of the finance, ways and means committee of the senate, the chair of the finance, ways and means committee of the house of representatives, and the chair of the board of trustees for the Tennessee consolidated retirement system shall serve as trustees of any deferred or tax-sheltered compensation plans established pursuant to this chapter on behalf of state employees, including employees of institutions of higher education. For the purposes of this section, the term "state employees" shall not include kindergarten through grade twelve (K-12) teachers and other local education agency employees. Such plans include, but are not limited to, plans established pursuant to §§ 401(k) , 403(b) , 415(m) , 457(b) , and 457(f) of the Internal Revenue Code ( 26 U.S.C. §§ 401(k) , 403(b) , 415(m) , 457(b) , and 457(f) ). The chair of the board of trustees for the Tennessee consolidated retirement system shall develop a plan document for the implementation and administration of deferred or tax-sheltered compensation plans established by the trustees. The terms of any deferred or tax-sheltered compensation plan established on behalf of state employees, including employees of institutions of higher education, may be modified by the chair of the board of trustees for the Tennessee consolidated retirement system with the concurrence of the commissioner of finance and administration. (c) [Deleted by 2024 amendment.] (d) Any deferred compensation program implemented and operating under the authority of this part shall conform to all applicable laws, rules and regulations of the internal revenue service governing state deferred compensation plans. Amended by 2024 Tenn. Acts, ch. 605,s 2, eff. 3/27/2024. Amended by 2024 Tenn. Acts, ch. 605,s 1, eff. 3/27/2024. Amended by 2018 Tenn. Acts, ch. 576, Secs.s 1, s 2, s 3 eff. 3/16/2018. Acts 1973, ch. 359, § 3; T.C.A., § 8-4303; Acts 1980, ch. 562, § 1; 1983, ch. 282, § 1; 1993, ch. 67, §§ 5, 6; 2006, ch. 870, § 1; 2008 , ch. 674, § 1; 2009 , ch. 142, § 8.

(a) The state of Tennessee or any Tennessee political subdivision or instrumentality of such subdivision may, by contract, agree with any employee to defer, in whole or in part, any portion of that employee's income and may subsequently purchase or contract with any company licensed to do business in this state to provide a deferred compensation plan, as requested by the employee.

, ch. 142, § 8.

(a) The state of Tennessee or any Tennessee political subdivision or instrumentality of such subdivision may, by contract, agree with any employee to defer, in whole or in part, any portion of that employee's income and may subsequently purchase or contract with any company licensed to do business in this state to provide a deferred compensation plan, as requested by the employee.

(b) The commissioner of finance and administration, the chair of the finance, ways and means committee of the senate, the chair of the finance, ways and means committee of the house of representatives, and the chair of the board of trustees for the Tennessee consolidated retirement system shall serve as trustees of any deferred or tax-sheltered compensation plans established pursuant to this chapter on behalf of state employees, including employees of institutions of higher education. For the purposes of this section, the term "state employees" shall not include kindergarten through grade twelve (K-12) teachers and other local education agency employees. Such plans include, but are not limited to, plans established pursuant to §§ 401(k) , 403(b) , 415(m) , 457(b) , and 457(f) of the Internal Revenue Code ( 26 U.S.C. §§ 401(k) , 403(b) , 415(m) , 457(b) , and 457(f) ). The chair of the board of trustees for the Tennessee consolidated retirement system shall develop a plan document for the implementation and administration of deferred or tax-sheltered compensation plans established by the trustees. The terms of any deferred or tax-sheltered compensation plan established on behalf of state employees, including employees of institutions of higher education, may be modified by the chair of the board of trustees for the Tennessee consolidated retirement system with the concurrence of the commissioner of finance and administration.

(c) [Deleted by 2024 amendment.]

(d) Any deferred compensation program implemented and operating under the authority of this part shall conform to all applicable laws, rules and regulations of the internal revenue service governing state deferred compensation plans.

Amended by 2024 Tenn. Acts, ch. 605,s 2, eff. 3/27/2024.

Amended by 2024 Tenn. Acts, ch. 605,s 1, eff. 3/27/2024.

Amended by 2018 Tenn. Acts, ch. 576, Secs.s 1, s 2, s 3 eff. 3/16/2018.

Acts 1973, ch. 359, § 3; T.C.A., § 8-4303; Acts 1980, ch. 562, § 1; 1983, ch. 282, § 1; 1993, ch. 67, §§ 5, 6; 2006, ch. 870, § 1; 2008 , ch. 674, § 1; 2009 , ch. 142, § 8.