SB120 Summary

• Allows retirees from the Teachers' Retirement System and Employees' Retirement System to perform part-time duties, including as independent contractors, without suspension of retirement benefits if they are not employed on a permanent full-time basis and do not exceed annual earning limits.

• Sets initial annual earning limit at $17,000 for calendar year 2000, with automatic annual adjustments beginning in 2001 based on Consumer Price Index increases, rounded to the nearest $1,000.

• Requires retirees to provide written notice to their respective retirement system and employing authority within 30 days of learning they will perform duties on a full-time or permanent basis or will earn amounts exceeding the annual limit.

• Permits retirees serving as elected officials to receive compensation without suspension of retirement benefits, provided they do not accrue additional benefits under either retirement system and do not simultaneously receive both pension benefits and salary.

• Includes 180-day grace period for retirees with existing independent contractor agreements executed before the act's effective date.