OFA Bill Analysis
AN ACT CONCERNING THE REEMPLOYMENT OF RETIRED TEACHERS, THE PURCHASE OF ADDITIONAL CREDITED SERVICE IN THE TEACHERS' RETIREMENT SYSTEM, THE EXCESS EARNINGS ACCOUNT, CREDIT FOR SERVICE WITH CERTAIN BARGAINING ORGANIZATIONS, AND PAYMENT FOR ADDITIONAL CREDITED SERVICE PURCHASED BY BOARDS OF EDUCATION.
The bill makes technical and administrative changes to the statutes governing the Teachers' Retirement Board. This bill:
1. changes the current post retirement earnings limits for re-employed retired teachers and eliminates it for such teachers in designated subject shortage areas;
2. allows for the purchase of additional credited service in the Teachers' Retirement System (TRS) prior to the time of retirement;
3. re-names the excess earnings account to the cost of living adjustment reserve account;
4. establishes payment dates and interest charges for additional credited service purchased on behalf of a member by a board of education under an early retirement incentive program;
5. allows an elected teachers' representative in a state-wide, national or international bargaining organization to receive credit for such service if the full actuarial cost incurred by the state is paid to the Teachers' Retirement Board (TRB); and
6. allows for a longer payment period for additional credited service purchased on behalf of a member by a board of education under an early retirement incentive program.
EFFECTIVE DATE: July 1, 2003, except that section 2 is effective October 1, 2004 and section 7 is effective from passage.
COMMITTEE ACTION
Appropriations Committee
Joint Favorable Substitute
Yea |
46 |
Nay |
0 |