SB 1080 - Teachers' Retirement System Revisions

• Effective July 1, 2021, transitions unfunded liability payments from a level percentage of salaries to a level payment amount over five fiscal years beginning June 30, 2020.

• Modifies retirement eligibility definitions and clarifies grammatical language throughout the chapter while maintaining existing age and service requirements for normal, early, proratable, and deferred vested retirement benefits.

• Establishes rollover accounts allowing active, inactive, and disabled members to contribute pre-tax assets from eligible retirement plans up to two months before retirement, with distributions as annuities for life.

• Changes Teachers' Retirement Board quorum requirement from six members or a majority present to a simple majority of board membership and allows employment of a chief administrator as secretary.

• Permits retired teachers receiving disability benefits to elect recomputation of payments and allows certain limited reemployment of retired teachers in subject shortage areas, priority school districts, and other specified circumstances without suspension of retirement income.