Title 9, Public Finances

Deposits of employer contributions into the pension stabilization reserve trust fund as provided in § 8-36-920 shall be suspended effective July 1 of any given year next following the most recent actuarial valuation conducted pursuant to § 8-36-922(b) for an employer whose stabil…

The trustees shall prepare annual financial reports following the close of each fiscal year relative to the activities of the trust. The annual reports, all books, accounts, and financial records of the trust shall be subject to audit by the comptroller of the treasury.

“Collateral” means eligible collateral pledged by a state depository.

(1) “Default” may include, but is not limited to:(1) The failure of any state depository to return any state deposit, including earned interest, in accordance with the terms of the deposit contract;(2) The failure of any state depository to pay any check, draft or warrant drawn b…

(a) “Eligible collateral” means:(1) Bonds, notes, and treasury bills of the United States or other obligations guaranteed as to principal and interest by the United States or any of its agencies;(2) Obligations guaranteed as to principal and interest by the federal home loan mort…

(1) “Loss” includes, but is not limited to:(1) The principal amount of the state deposit;(2) All accrued interest through the date of default;(3) Additional interest at the rate the state deposit was earning on the total of subdivisions (1) and (2) through the day of payment to t…

“Required collateral” means collateral whose market value is equal to one hundred five percent (105%) of the value of the state deposit secured thereby, less so much of such amount as is protected by the federal deposit insurance corporation.

“State deposit” means all state funds which are placed in a state depository, plus interest accrued thereon.

(a) (1) “State depository” means:(A) Any savings bank (savings institution), or any bank chartered by the state of Tennessee;(B) Any national bank, or federal savings institution that has its main office located in this state; or(C) Any national or state bank, or any federal or s…

(a) “Trustee custodian” means any bank or federal reserve bank or branch thereof or the federal home loan bank which the state treasurer has designated as trustee custodian to hold eligible collateral on behalf of the state treasurer. Such designation by the state treasurer of a …

(a) Parts 1, 3 and 5 of this chapter apply to the deposit of all public funds by counties and municipalities including, but not limited to, those deposited under §§ 5-8-201, 5-8-207, 5-8-301(b)(2), 6-4-402, 6-22-120, 6-35-313, 6-56-106, and 6-56-110. No private act shall provide …

(1) As used in this part, unless the context otherwise requires:(1) “Legacy pension plan” means the Tennessee consolidated retirement system that is established in title 8, chapters 34 - 37, excluding the Hybrid Retirement Plan for State Employees and Teachers, compiled in title …

The state employee legacy pension stabilization reserve trust is created. The state employee legacy pension stabilization reserve trust fund shall be established and funded through appropriations made in the general appropriations act from time to time for such purpose. The trust…

The comptroller of the treasury shall serve as the chair of the trustees and shall preside over all meetings and proceedings of the trustees.

(a) The trustees shall adopt an investment policy authorizing how assets in the trust may be invested. The policy shall not authorize assets in the trust to be invested in any instrument, obligation, security, or property that would not constitute a legal investment for assets of…

(a) As provided in this section, the purpose of the state employee legacy pension stabilization reserve trust fund is to protect state employee members of the legacy plan from a reduction or erosion of funds in the legacy plan that are necessary to pay benefits provided by the pl…

The trustees shall prepare annual financial reports following the close of each fiscal year relative to the activities of the trust. The annual reports, all books, accounts, and financial records of the trust shall be subject to audit by the comptroller of the treasury.

(1) As used in this part, unless the context otherwise requires:(1) “Legacy pension plan” means the Tennessee consolidated retirement system that is established in title 8, chapters 34-37, excluding the Hybrid Retirement Plan for State Employees and Teachers, compiled in title 8,…

The teacher legacy pension stabilization reserve trust is created. The teacher legacy pension stabilization reserve trust fund shall be established and funded through a mechanism and methodology as shall be determined in the future by the commissioner of finance and administratio…

The comptroller of the treasury shall serve as the chair of the trustees and shall preside over all meetings and proceedings of the trustees.

(a) The trustees shall adopt an investment policy authorizing how assets in the trust may be invested. The policy shall not authorize assets in the trust to be invested in any instrument, obligation, security, or property that would not constitute a legal investment for assets of…

(a) As provided in this section, the purpose of the teacher legacy pension stabilization reserve trust fund is to protect teacher members of the legacy plan from a reduction or erosion of funds in the legacy plan that are necessary to pay benefits provided by the plan. If in any …

The trustees shall prepare annual financial reports following the close of each fiscal year relative to the activities of the trust. The annual reports, all books, accounts, and financial records of the trust shall be subject to audit by the comptroller of the treasury.

(a) The opioid abatement fund is established and funded pursuant to this part. (b) The opioid abatement fund shall operate as an irrevocable trust that the state treasurer shall administer. Amounts in the opioid abatement fund shall not revert to the general fund of the state. Th…

(a) Funds in the opioid abatement fund shall be spent only for the following purposes:(1) Prospective opioid abatement and remediation;(2) Expenses incurred in administering and operating the opioid abatement council;(3) Related expenses as provided in § 33-11-104(b); and(4) Expe…

(a) The trustees of the opioid abatement fund are:(1) The commissioner of finance and administration;(2) The state treasurer; and(3) The chair of the opioid abatement council. (1) The commissioner of finance and administration; (2) The state treasurer; and (3) The chair of the op…

The opioid abatement fund is the designated repository of funds that are either dedicated to opioid abatement or remediation or are otherwise directed to abatement or remediation and that are received by the state pursuant to a judgment on opioid-related claims, a recovery in ban…

(a) The trustees shall adopt, in writing, an investment policy or policies authorizing how assets in the trust may be invested prior to investments being made. (b) Funds in the opioid abatement fund may be invested and reinvested for the benefit of the fund by the state treasurer…

(1) As used in this part:(1) “Company” means a sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or another entity or business association, including all wholly o…

Consistent with the prudent investor rule pursuant to § 35-14-103, the standard of care pursuant to § 35-14-104, and the exercise of reasonable care in delegation of investment and management functions pursuant to § 35-14-111 and § 8-37-112, the department of treasury investment …

(a) Notwithstanding another law or policy to the contrary, the state treasurer has the sole authority to exercise, in person or by proxy, all voting rights with respect to securities held by a program and to give general or special proxies or powers of attorney with or without po…

(a) The state treasurer has final authority over an investment or proxy voting decision for a program. (b) The state treasurer may make and enter into contracts, agreements, and other instruments with an individual or entity to effectuate this part, including, but not limited to,…

(1) With respect to a pension plan, the political subdivision with authority over the pension plan shall comply with this section. The requirements applicable to the pension plans include the following:(1) Consistent with the prudent investor rule pursuant to § 35-14-103, the sta…

(a) A proxy advisory firm shall not provide proxy voting advice to a pension plan if an actual or potential conflict of interest exists that could reasonably be expected to affect the objectivity or reliability of the proxy voting advice. As used in this subsection (a), “an actua…

(1) As used in this part:(1) “Board” means the board of trustees for the Tennessee consolidated retirement system;(2) “China” means the government of the People's Republic of China, the Chinese Communist Party, the Chinese military, or any instrumentality thereof;(3) “Company” me…

(a) (1) With respect to the retirement system and political subdivision pension plans, the board and governing body for each respective political subdivision pension plan, as applicable, shall, no later than January 15, 2026, and by January 15 of each subsequent year, review the …

This part is known and may be cited as the “Tennessee Trump Account Program Act”.

(1) As used in this part, unless the context otherwise requires:(1) “Federal law” means federal law, as amended, and all rules, regulations, notices, guidance, and interpretations released by the United States department of the treasury, including the internal revenue service.(2)…

Notwithstanding any law to the contrary and subject to the approval of the United States department of the treasury, the state may act as a nonbank custodian pursuant to 26 CFR § 1.408-2(e) for Trump account funds, subject to requirements in federal law. If the state receives the…

The commissioner of finance and administration shall set up and maintain special accounts in the general fund with respect to moneys received for designated purposes from the federal government.

(a) Notwithstanding any law or regulation to the contrary, any reference to a separate account in state law is deemed to mean a separate account within the state's accounting system and shall not require establishment of a separate account in a state depository. (b) Any reference…

Unless otherwise provided by law, the funding board established by § 9-9-101 shall act as trustee for any funds which are directed to be held in trust by the state or any agency thereof. Unless otherwise provided by law, the state treasurer shall invest such trust funds under pol…

(a) There is created within the general fund a special agency account to be known as the “police pay supplement fund.” (b) Notwithstanding any law to the contrary, all funds designated to fund the police pay supplement created pursuant to § 38-8-111 shall be deposited in the poli…

(a) There is created a fund within the treasury of the state of Tennessee to be known as the “victims of crime assistance fund.” (b) Moneys shall be deposited to the fund pursuant to § 67-4-606 and as may be otherwise provided by law and shall be invested pursuant to § 9-4-603. M…

(a) There is created in the state treasury a fund to be known as the “impaired drivers trust fund.” Moneys shall be deposited in the fund as provided in § 55-10-413(b), and shall be invested for the benefit of the fund pursuant to § 9-4-603. Moneys in the fund shall not revert to…

(a) There is hereby created a segregated account within the state treasury to be known as the “transportation equity trust fund.” Moneys shall be deposited to the fund pursuant to § 67-6-103(b), and shall be invested for the benefit of the fund pursuant to § 9-4-603. Moneys in th…