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TennesseeHB 0805114th General Assembly (2025-2026)HouseWALLET

AN ACT to amend Tennessee Code Annotated, Title 9, Chapter 4, Part 15, relative to investments.

Sponsored By: Rusty Grills (Republican)

Became Law

Pensions and Retirement Benefits

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

Legal shield for pension divestment actions

State and local governments, the state retirement system, and pension boards are protected from civil lawsuits for actions taken under this divestment law. The shield covers acts and omissions made while carrying out these duties.

Public pensions must drop China-owned investments

The law targets investments in companies majority-owned by China that public pensions hold directly. By January 15, 2026, and each January 15 after, the state retirement system and local plans review direct holdings as of December 31. If any are restricted, the state treasurer (for the state plan) or local boards must sell them and, for the state plan, report the sale. If a quick sale is not possible, a divestment plan is due by July 1, with sales by December 31 or later if needed to meet fiduciary duty. The rules follow Tennessee prudent‑investor standards. The mandate focuses on direct holdings; pooled funds like mutual funds or ETFs are treated as indirect holdings. The state plan’s board may delegate these duties to the treasurer, who may categorize securities when policy is silent.

Sponsors & Cosponsors

Sponsor

  • Rusty Grills

    Republican • House

Cosponsors

  • Rush Bricken

    Republican • House

  • Burkhart

    Affiliation unavailable

  • Ed Butler

    Republican • House

  • Michele Carringer

    Republican • House

  • Rick Eldridge

    Republican • House

  • G.A. Hardaway

    Democrat • House

  • David B. Hawk

    Republican • House

  • Dan Howell

    Republican • House

  • Tom Leatherwood

    Republican • House

  • Aron Maberry

    Republican • House

  • Brock Martin

    Republican • House

  • Jake McCalmon

    Republican • House

  • Bill Powers

    Republican • Senate

  • Jay D. Reedy

    Republican • House

  • Tim Rudd

    Republican • House

  • Greg Vital

    Republican • House

Roll Call Votes

All Roll Calls

Yes: 132 • No: 9

Senate vote • 4/9/2025

FLOOR VOTE: Third Consideration 4/9/2025

Yes: 25 • No: 1

House vote • 3/24/2025

FLOOR VOTE: REGULAR CALENDAR PASSAGE ON THIRD CONSIDERATION 3/24/2025

Yes: 86 • No: 6

House vote • 3/24/2025

HOUSE CALENDAR & RULES COMMITTEE

Yes: 0 • No: 0

House vote • 3/5/2025

HOUSE STATE & LOCAL GOVERNMENT COMMITTEE

Yes: 17 • No: 1

House vote • 2/26/2025

HOUSE PUBLIC SERVICE SUBCOMMITTEE

Yes: 4 • No: 1

Actions Timeline

  1. Pub. Ch. 289

    4/28/2025

  2. Effective date(s) 04/24/2025

    4/28/2025

  3. Signed by Governor.

    4/24/2025

  4. Transmitted to Governor for his action.

    4/16/2025House

  5. Signed by Senate Speaker

    4/15/2025Senate

  6. Signed by H. Speaker

    4/14/2025House

  7. Senate substituted House Bill for companion Senate Bill.

    4/9/2025Senate

  8. Passed Senate, Ayes 25, Nays 1, PNV 1

    4/9/2025Senate

  9. Enrolled; ready for sig. of H. Speaker.

    4/9/2025House

  10. Received from House, Passed on First Consideration

    3/26/2025Senate

  11. Engrossed; ready for transmission to Sen.

    3/25/2025House

  12. Sponsor(s) Added.

    3/24/2025House

  13. Passed H., Ayes 86, Nays 6, PNV 1

    3/24/2025House

  14. H. Placed on Regular Calendar for 3/24/2025

    3/20/2025House

  15. Placed on cal. Calendar & Rules Committee for 3/20/2025

    3/19/2025House

  16. Sponsor(s) Added.

    3/5/2025House

  17. Rec. for pass; ref to Calendar & Rules Committee

    3/5/2025House

  18. Sponsor(s) Added.

    3/4/2025House

  19. Rec. for pass by s/c ref. to State & Local Government Committee

    2/26/2025House

  20. Placed on cal. State & Local Government Committee for 3/5/2025

    2/26/2025House

  21. Sponsor(s) Added.

    2/25/2025House

  22. Placed on s/c cal Public Service Subcommittee for 2/26/2025

    2/20/2025House

  23. Meeting Canceled

    2/19/2025House

  24. Sponsor(s) Added.

    2/14/2025House

  25. Placed on s/c cal Public Service Subcommittee for 2/19/2025

    2/12/2025House

Bill Text

  • Enrolled / Public Chapter

    PDF

  • Fiscal Note

    PDF

  • Introduced

    PDF

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