CA SB765

Increases the postretirement compensation limitation for retired teachers from 50% to 70% of median final compensation, effective July 1, 2024 through June 30, 2026.

Replaces the requirement for employer governing body resolution approval with an expedited exemption process allowing the Superintendent, county superintendent, or community college CEO to submit a certification under penalty of perjury to bypass the 180-day compensation limitation.

Requires written documentation substantiating the exemption need to be provided to the exclusive representative of employees prior to the retired member performing work.

Applies similar exemption provisions to the Cash Balance Benefit Program for retired participants, allowing annuity reduction requirements to be waived through the same certification process.

Requires the State Teachers' Retirement System to report to the Legislature by February 1, 2027 on exemption requests, participating retired members, and compensation paid during the July 1, 2024 to June 30, 2026 period, with all provisions reverting to existing law on July 1, 2026.