Law Enforcement Officer Task Force

The Task Force’s purpose is to study retirement benefits for law enforcement officers:

  • The Task Force is to remit a report to the Council on Pensions with its recommendations on legislative changes, financial impact of legislative changes, policy considerations, and solutions that do not require legislative changes by January 1, 2023.

  • A committee has been formed to study & discuss:

    • Tennessee Consolidated Retirement Services (TCRS) benefits for Law Enforcement Officers

    • Surrounding States Law Enforcement Officer Retirement Benefits

    • Tennessee and Surrounding States Funded Status, Employee & Employer Contributions

  • Inclusion of Job Categories in Mandatory Retirement:

    • State Positions – Revenue Officers / Revenue Agents – Park Rangers / Managers – College/University Police Officers – Correctional Officers

    • These job descriptions were compared to the exception in the Federal ADEA that would allow for mandatory retirement and were found to meet the exception

  • Topics being discussed:

    • Extend Bridge Benefit to Social Security Normal Retirement Age

    • Bridge (temporary) benefit currently is payable from the later of age 55 or age at retirement to first Social Security eligibility (age 62)

    • For anyone born after January 1, 1960, normal retirement age for unreduced Social Security benefits is age 67

    • Increase Multiplier used in Benefit Calculations to Encourage Law Enforcement Officers to Continue Employment

    • Legacy Retirement Plan – Regardless of length of service, the multiplier is 1.575% (including the 5% benefit improvement1 )

    • Hybrid Retirement Plan – Regardless of length of service, the multiplier is 1.0%

    • Several options were studied that would increase the multiplier once a law enforcement officer attains a certain years of service

  • Defined Contribution Plan Targeting Replacement of Bridge Benefit:

    • Most law enforcement officers employed by local governments in Tennessee are not subject to mandatory retirement, earlier retirement eligibility, or a bridge benefit

    • Reviewed concept to provide a defined contribution plan to local governments that would replicate the bridge benefit

    • Assuming an employee could earn a 5% return, a contribution of 4% would be needed to replicate the bridge

    • A 3.5% return by the employee would require a 5% contribution

All meetings are recorded and shared by the Department of Treasury here: Videos