MTSU economics professor and state representative proposes retirement savings plan for workers without employer-sponsored options
NASHVILLE, Tenn. – One in five Americans over 50 has no retirement savings, and more than half worry they won’t have enough money to support themselves in retirement. State Rep. Charlie Baum, R-Murfreesboro, wants to change that for Tennessee workers.
Baum has proposed the Tennessee Retirement Savings Plan Act, or House Bill 1447, which would create a state-facilitated, employee-funded retirement savings plan similar to a 401(k) for private-sector employees whose employers don’t offer one.
“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,” Baum said. “This legislation creates a voluntary, employee-funded option that allows workers to build their own retirement savings and support long-term financial security for their families.”
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For Baum, a longtime economics professor at Middle Tennessee State University, the issue of retirement security isn’t just policy—it’s practical. He understands both the economic theory behind savings rates and the real-world barriers ordinary workers face when trying to plan for the future.
That practical, down-to-earth perspective sometimes surfaces in unexpected ways. During one meeting of the House Finance, Ways and Means Committee that he chaired, Baum looked at the Tennessee Department of Transportation commissioner and, with a straight face, asked, “Commissioner, there’s a La-Z-Boy recliner on the westbound lane just north of Bell Road; it looks pretty nice—do you think you all could pick it up? It’s been there for a few weeks.”
The lighthearted question—exactly the kind of observation an ordinary commuter might raise—came in the middle of formal hearings and surprised many in the room. It was a reminder that behind the careful economic analysis and committee gavels is someone who notices the same everyday frustrations as his neighbors.
Moments like that reveal another side of Baum’s character. Most days he operates squarely in his economics professor role—careful, analytical, and focused on evidence—but every now and then he breaks out of character and shows the quick wit and neighborly concern that makes him so relatable.
That blend of expertise and accessibility has made Baum a respected voice in the legislature. Those who serve alongside him say that while he never needs to raise his voice or lose his temper, when he stands to speak, the room falls silent and everyone listens.
Baum is someone community members frequently ask about. Given his dual role as legislator and professor, he stays busy, but those who know him sense quickly that his commitment to service is not an act but a reflection of who he is at his core. He brings patience, clarity, and genuine care into every classroom and committee room he enters.
How the Plan Would Work
Under Baum’s proposal, eligible participants would include Tennessee residents employed in the state whose employer does not offer a qualifying retirement plan. Participation would be voluntary, and accounts would be individually owned, allowing workers to take their savings with them when changing jobs or roll funds into another retirement account.
The plan would be created, designed and overseen by a seven-member board including the state treasurer or his designee, employer and employee representatives, an investment expert, a retiree, and two members of the General Assembly who would serve in non-voting, advisory roles.
While the board would operate within the Tennessee Department of Treasury, the plan would be professionally managed by a private, third-party provider.
Every time we return to Nashville, I’m reminded of the old warning often attributed to Mark Twain that no one’s life, liberty, or property is safe while the legislature is in session.
where he has served on the faculty since 1999 and previously chaired the Department of Economics and Finance. A labor economist by training, he holds a B.A. from Wake Forest University and a Ph.D. in economics from the University of North Carolina at Chapel Hill, and he has represented District 37 in the Tennessee House of Representatives, where he has focused on fiscal responsibility and education policy.
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