All Roll Calls
Yes: 102 • No: 31
TennesseeSB 2641114th General Assembly (2025-2026)Senate
AN ACT to amend Tennessee Code Annotated, Title 9, Chapter 4, relative to investments.
Sponsored By: Kerry Roberts (Republican)
Signed by Governor
Public Funds and Financing
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Financial safeguards for local workers’ pensions
The law covers Tennessee local-government defined benefit pensions under the Public Employee Defined Benefit Financial Security Act of 2014. Local governments must invest, manage assets, and choose investment options solely for beneficiaries’ financial benefit, while maximizing long-term shareholder value. Plans must follow the referenced rules for careful investing, standards of care, and assigning duties to others. Local governments must exercise all voting rights for directly held investments, either in person or through a representative. These votes must serve financial reasons and beneficiaries’ exclusive financial benefit, while maximizing long-term shareholder value.
New safeguards for local pension voting advice
Covered Tennessee local pension plans can hire shareholder-voting advisers only when the firms accept their legal duties in writing and by contract. Firms cannot advise plans when an actual or potential conflict could reasonably affect the advice’s objectivity or reliability. Conflicts include seeking or receiving related consulting fees from a company or proposal sponsor, or membership in groups actively backing the same or a substantially similar proposal. Firms must provide written financial analysis whenever their shareholder-proposal recommendation differs from company management’s recommendation. It must explain the proposal and reasoning, fit with investment goals and risk management, costs and benefits over the plan’s investment horizon, quantified effects on returns, and methods used. Firms cannot base a negative recommendation, even partly, on support for an earlier proposal that shareholders approved under the company’s incorporation-state law.
Sponsors & Cosponsors
Sponsor
Kerry Roberts
Republican • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 4/22/2026
FLOOR VOTE: REGULAR CALENDAR PASSAGE ON THIRD CONSIDERATION 4/22/2026
Yes: 67 • No: 24
Senate vote • 4/13/2026
FLOOR VOTE: as Amended Third Consideration 4/13/2026
Yes: 27 • No: 6
Senate vote • 3/25/2026
SENATE STATE & LOCAL GOVERNMENT COMMITTEE
Yes: 8 • No: 1
Actions Timeline
Effective date(s) 07/01/2026
5/27/2026Pub. Ch. 986
5/27/2026Signed by Governor.
5/19/2026SenateTransmitted to Governor for action.
5/11/2026SenateSigned by H. Speaker
5/7/2026HouseSigned by Senate Speaker
5/6/2026SenateEnrolled and ready for signatures
5/5/2026SenatePassed H., Ayes 67, Nays 24, PNV 0
4/22/2026HouseAm. withdrawn. (Amendment 1 - HA1098)
4/22/2026HouseSubst. for comp. HB.
4/22/2026HouseRcvd. from S., held on H. desk.
4/15/2026HouseEngrossed; ready for transmission to House
4/13/2026SenatePassed Senate as amended, Ayes 27, Nays 6
4/13/2026SenateSenate adopted Amendment (Amendment 1 - SA0871)
4/13/2026SenatePlaced on Senate Regular Calendar for 4/13/2026
4/10/2026SenateRecommended for passage with amendment/s, refer to Senate Calendar Committee Ayes 8, Nays 1 PNV 0
3/25/2026SenatePlaced on Senate State and Local Government Committee calendar for 3/25/2026
3/25/2026SenatePlaced on Senate State and Local Government Committee calendar for 3/25/2026
3/24/2026SenateAction deferred in Senate State and Local Government Committee to 3/25/2026
3/24/2026SenatePlaced on Senate State and Local Government Committee calendar for 3/24/2026
3/18/2026SenateAction deferred in Senate State and Local Government Committee to 3/24/2026
3/17/2026SenatePlaced on Senate State and Local Government Committee calendar for 3/17/2026
3/11/2026SenateAction deferred in Senate State and Local Government Committee to 3/17/2026
3/10/2026SenatePlaced on Senate State and Local Government Committee calendar for 3/10/2026
3/3/2026SenatePassed on Second Consideration, refer to Senate State and Local Government Committee
2/5/2026Senate
Bill Text
Enrolled / Public Chapter
Fiscal Note
HA1098
Introduced
SA0871
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