Representative Faison’s Initiative Supporting Investments Made By Tennessee’s Teachers Passes

House Republicans have unanimously passed an initiative sponsored by State Representative Jeremy Faison (R-Cosby) that better protects retirement investments made by Tennessee’s teachers.

House Bill 1592 — which recently passed by a 90-0 vote tally — requires that certain pension stabilization reserve trusts for our state’s teachers be used exclusively for the benefit of participants and beneficiaries of these plans.

The measure makes it impossible at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries under the hybrid or teacher legacy plans for any part of the income invested in these trusts to be used or diverted for purposes other than the benefit of teachers who are enrolled, and their beneficiaries.

“Our teachers are the backbone of Tennessee, and they play a vital role in the development of our next generation of leaders,” said Chairman Faison. “We must continue to support them,  and House Bill 1592 is an additional tool that will assist as they save for their retirement. I am pleased that this measure will alleviate some of the stress and anxiety associated with this process and give our educators more peace of mind.”

For more information about House Bill 1592, please click here.

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