HB1148 Summary

• Extends the application deadline for Teachers' Retirement System members to purchase service credit for private school employment from June 1, 2005 to August 1, 2012.

• Modifies contribution requirements for private school service credit to base payments on the employee and employer contributions that would have been required, plus interest at the actuarially assumed rate determined by the Board, rather than a fixed 16.5% plus 8.5% interest formula.

• Allows members to apply for and pay private school service credit before completing the required 10 years of contributing service, but the credit cannot be used until that 10-year requirement is met.