HI HB2533

Establishes conditions for reemployment of employees' retirement system retirants without reenrollment or loss of benefits, ensuring compliance with Internal Revenue Code Section 401(a) regarding qualified retirement plans.

Retirants employed in violation of reemployment restrictions must reimburse the system for benefits received plus 8% annual interest, pay employee contributions that would have been paid plus 8% interest, and contribute toward administrative expenses if at fault.

Employers who violate reemployment restrictions must pay employer contributions that would have been required plus 8% interest and contribute toward administrative expenses if at fault.

Permits retirants to work without reenrollment in five categories: elective officers/legislators, jurors/precinct officials, part-time/temporary employees excluded by law, labor shortage positions (with 12-month separation requirement), and teachers in shortage areas (with 12-month separation requirement and employer contribution to unfunded liability).

Requires annual reports to the legislature no later than 20 days before each regular session detailing retirant reemployment under labor shortage and teacher shortage provisions; effective January 1, 2011.