MURFREESBORO, TN (WGNS News) - A new proposal from State Rep. Charlie Baum, R‑Murfreesboro, aims to give more Tennesseans a practical way to save for the future—especially those who don’t have access to a retirement plan through their employer. Baum has introduced the Tennessee Retirement Savings Plan Act, also known as House Bill 1447, which would create a voluntary, employee‑funded retirement savings program similar to a 401(k).

Baum said the goal is simple: make it easier for workers across the state to build long‑term financial security. “Every hardworking Tennessean deserves the opportunity to save for retirement, whether they work for a small business, are self‑employed or otherwise don't have a plan through their job,” he said. The plan would allow eligible workers to contribute to their own individually owned accounts, which they could take with them if they change jobs or roll into another retirement plan.

The proposal targets Tennessee residents employed in the private sector whose employers do not offer a qualifying retirement plan. Participation would be entirely voluntary. Oversight would come from a seven‑member board that includes the state treasurer or a designee, representatives for both employers and employees, an investment expert, a retiree, and two members of the General Assembly serving in non‑voting advisory roles. Although the board would operate within the Tennessee Department of the Treasury, the plan itself would be professionally managed by a private third‑party provider.

The need for expanded retirement options remains significant. A 2024 AARP study found that one in five Americans over age 50 have no retirement savings at all, and more than half worry they won’t have enough money to support themselves later in life.

Lawmakers return to Nashville on Jan. 13, 2026 for the second session of the 114th General Assembly, where the bill is expected to be part of the early conversation. Baum represents District 37, which includes part of Rutherford County.