Bill 377 Summary

• Excludes the Children's Center and its successors from the definition of "employer" under the Teachers' Retirement System for members hired on or after July 1, 2024.

• Clarifies that retirement applications become irrevocable on the date a member retires, with benefits accruing from the first day of the month following the month in which the application is filed.

• Removes the option for commission executive directors to elect participation in the teachers' retirement system, limiting them to the state employees retirement system or higher education alternate retirement program.

• Modifies survivor benefit provisions to allow survivors age 18 and older who are designated beneficiaries to elect receiving accumulated contributions with credited interest instead of basic survivor's benefits.

• Changes the Teachers' Retirement Board election schedule for retired member representatives from October 1, 2023 to July quadrennially thereafter, with board members serving four-year terms beginning October first.