Moody’s Investors Service on Monday said recent pension overhaul enacted by the Tennessee General Assembly on April 24 “is credit positive because it lowers the state’s contributions to the new plan and provides the state with greater control of its future pension expenses.”

The legislation creates a new hybrid defined contribution/defined benefit pension plan for new employees starting in fiscal 2014.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.