[Newly enacted section not yet numbered]

(a) The state treasurer, with the approval of the commissioner of finance and administration, may adopt a new feature to one (1) or more of the state’s deferred compensation plans, which plans include, but are not limited to, the 401 (k), 403(b), and 457(b) plans that would permit state employees, including employees of institutions of higher education, to designate some or all of the employees’ contributions as Roth contributions to the plans at the time the contributions are made, in accordance with § 402A of the Internal Revenue Code (26 U.S.C. § 402A).
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Terms Used In Tennessee Code 8-25-NEW

  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • Commissioner: means any person in office as a member of the public service commission, as prescribed by title 65, chapter 1, prior to June 30, 1996. See Tennessee Code 8-34-101
  • Internal Revenue Code: means the Internal Revenue Code of 1986, codified in United States Code, title 26, as amended. See Tennessee Code 8-34-101
  • Service: means service as a general employee, a teacher, a state police officer, a wildlife officer, a firefighter, a police officer, a state judge, a county judge, an attorney general, a commissioner or a county official which is paid for by an employer, and also includes service for which a former member of the general assembly is entitled to under former §. See Tennessee Code 8-34-101
  • State: means the state of Tennessee. See Tennessee Code 8-34-101
(b) A political subdivision or instrumentality of the state that makes available to its employees a profit sharing or salary reduction plan, including, but not !limited to, those approved by the internal revenue service under §§ 401 (k), 403(b), or 457(b) of the Internal Revenue Code (26 U.S.C. § 401(k); 26 U.S.C. § 403(b); and 26 U.S.C. § 457(b)), may, by resolution or ordinance of its governing body, adopt a Roth contribution feature to its plan as described in this section.
(c) Any Roth contribution feature adopted pursuant to this section must conform to all applicable laws, rules, and regulations of the internal revenue service.
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