SB428 Summary

• Current members of the Teachers' Retirement System (TRS) may elect to discontinue membership, but cannot withdraw contributions and interest until separation from employment or retirement.

• New teachers and education employees beginning employment on or after October 1, 2011, may elect not to be covered by TRS membership.

• Current members of the Employees' Retirement System (ERS) may elect to discontinue membership under the same withdrawal restrictions as TRS members.

• New state employees beginning employment on or after October 1, 2011, may elect not to be covered by ERS membership.

• The act becomes effective on the first day of the third month following passage and approval by the Governor.