Pensions and Retirement Benefits - As enacted, establishes that certain public officials, including members of the general assembly, who take office on or after July 1, 2025, have mandatory membership in the Tennessee consolidated retirement system (TCRS); allows a retiree to reannuitize retirement benefits in favor of a new spouse beneficiary following cancellation of a former spouse beneficiary due to divorce; makes other revisions to provisions governing the TCRS. - Amends TCA Title 8, Chapter 25; Title 8, Chapter 34; Title 8, Chapter 35; Title 8, Chapter 36 and Title 8, Chapter 37.

HB 535 requires certain public officials taking office on or after July 1, 2025 - including members of the Tennessee General Assembly - to join the Tennessee Consolidated Retirement System (TCRS) as a condition of office. It also allows retirees to update their retirement beneficiary to a new spouse after a divorce cancels a former spouse beneficiary. The bill amends multiple chapters of Tennessee retirement law to implement these changes, replacing previous optional participation rules for these officials. These provisions directly affect state legislators and other covered public officials starting in 2025.