SB 1119 Summary: Teachers' Retirement System Revisions

• Increases mandatory member contributions from 6% to 7% regular contributions effective January 1, 2018, maintains 1.25% health contributions, with employer contributions determined actuarially.

• Redefines "average annual salary" as the average of the three highest annual salaries received as an active member (rather than during a specific three-year period).

• Clarifies benefit eligibility and calculation rules, including making benefit elections mandatory under specific retirement options (Plan N, C, or D coparticipant options).

• Restricts service credit purchases primarily to before retirement or when surviving spouse elects benefits, while allowing certain military service and leave purchases.

• Eliminates membership for new hires at the Children's Center effective July 1, 2019, while grandfathering existing members hired prior to that date.

• Effective July 1, 2019.