HB136 Summary

• Reopens participation in the Deferred Retirement Option Plan (DROP) for Teacher's Retirement System members, removing the March 24, 2011 participation deadline.

• Establishes separate eligibility requirements for Tier I members (25-30 years of service, age 55+) and Tier II members (30 years of service, age 62+), both requiring classroom teacher employment status.

• Allows DROP participation in 1-5 year increments with a limit of one participation period per member; members voluntarily terminating within the first three years forfeit the retirement allowance portion of their DROP account but retain contributions and interest.

• Sets July 31, 2031 as the final deadline for new DROP participation; participants do not accrue service credit during DROP and cannot combine time spent in DROP with service prior to participation.

• Becomes effective immediately upon passage.