Pensions and Retirement Benefits - As introduced, expands the period of peacetime military service of a member of the Tennessee Consolidated Retirement System (TCRS) that the member may purchase for creditable service in TCRS. - Amends TCA Title 8, Chapter 34.

SB 966 expands retirement benefits for Tennessee public employees by allowing them to count peacetime military service toward their retirement credits. It directly affects current and retired members of the Tennessee Consolidated Retirement System (TCRS) who served in the U.S. military after October 15, 1940, during peacetime. The bill establishes a 1:1 credit system (one day of retirement credit for each day of military service) requiring a 9% employee contribution based on earnable compensation at the time of claim or employment termination. This change takes effect July 1, 2025, and modifies existing rules to include previously excluded peacetime service periods.