HB376 Summary

• Temporarily increases the annual compensation limit for retired teachers and employees participating in either retirement system from $30,000 (indexed to inflation after 2017) to $52,000 for calendar year 2022, effective upon passage.

• Requires a 90-day break in service from the date of retirement before a retiree can perform duties, or allows those already performing duties as of the bill's effective date to continue.

• Establishes annual adjustments to the $52,000 limit beginning in calendar year 2024 based on Consumer Price Index increases, rounded down to the nearest $1,000.

• Repeals these temporary provisions on December 31, 2026, unless extended by legislative action, returning to the original compensation limits and requirements.

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