House passes 401k match, bill moves to Senate

TSEA June 4, 2020 Comments Off on House passes 401k match, bill moves to Senate
House passes 401k match, bill moves to Senate

Yesterday, under the guidance of our dedicated bill sponsor Chairman Gary Hicks and bill co-sponsor Leader William Lamberth, the Tennessee House of Representatives passed HB2045, our 401(k) bill.

This bill, if it were to pass the Senate and be signed by the Governor, would put in statute the requirement to match the 401(k) with $50. Currently, the law only requires the match to be a minimum of $40.

TSEA thanks bill sponsors Chairman Gary Hicks and co-sponsor Leader William Lamberth for their efforts on behalf of state employees. We appreciate all the support we have received in the General Assembly and are grateful to the House for passing this important legislation for all state employees. The bill now awaits action in the Senate.

Currently, the Senate has deferred all bills that are not
budget or COVID-19 related to December 1, 2020. If that status changes, we will
let you know. As it stands, we will look to move this bill in the Senate next
year.

Look for more details in our Friday legislative update.
Thanks for being a member of TSEA.

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