SB332 Summary

• Establishes an earnings cap for retirees from the Employees' Retirement System, Teachers' Retirement System, or Judicial Retirement Fund who return to work with a participating employer while continuing to receive their pension benefits.

• Sets the initial earnings limit at $17,000 in calendar year 2000, indexed annually to the Consumer Price Index for all urban consumers, rounded to the nearest $1,000 multiple.

• Allows retired persons to work in non-permanent, part-time positions without suspension of retirement benefits, provided they do not earn more than the annual limit from the participating employer.

• Prohibits elected officials whose retirement is based on service as elected officials from receiving both pension benefits and salary simultaneously, regardless of the earnings cap.

• Effective date: first day of the third month following passage and approval by the Governor.