HB 550

This bill enacts the "Fairness in Benefits Act, which requires an employer participating in the Tennessee consolidated retirement system (TCRS) to allow the dissemination of information and educational materials developed by a private entity regarding the entity's alternative retirement plans and supplemental benefits to its employees on the employer's premises, but outsi d e an employee's official duty hours, through direct contact with the private entity's representatives. This bill requires such an alternative retirement plan offered by the private entity to be the functional equivalent of a qualified retirement plan, in c luding, but not limited to, a plan qualified under Section 401(a), 401(k), 403(a), 403(b), 408(k), 408(p), or 457(b) of the Internal Revenue Code. ON APRIL 14, 2025, THE SENATE SUBSTITUTED HOUSE BILL 550 FOR SENATE BILL 8, ADOPTED AMENDMENT #1, AND PASSE D HOUSE BILL 550, AS AMENDED. AMENDMENT #1 revises the bill by allowing such materials to be disseminated regarding an entity's alternative retirement plans and life contracts, instead of supplemental benefits."