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MI SB0726
Bill
AI Summary
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Reduces the mandatory retirement period for retirants seeking employment as substitute teachers from 12 months to 4 months, effective July 2, 2024 through July 1, 2025.
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Allows retirants retired after June 30, 2010 to work as substitute teachers without losing retirement benefits if earnings do not exceed 1/3 of final average compensation and the 4-month retirement period has elapsed.
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Requires reporting units to pay 100% of contribution rates for unfunded actuarial accrued liabilities related to retiree health care and pension for substitute teacher employment under the new provision.
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Requires reporting units to report substitute teacher engagement and earnings to the retirement system at the same intervals as other employee reporting.
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Mandates the retirement system submit a report by May 1, 2024 to legislative leadership detailing retirant employment data from 2012-2024 and requires inclusion of retirement rate variances in the 2024 experience investigation study.
Legislative Description
Retirement: public school employees; time period a retirant must be retired to be eligible to be hired as a substitute teacher without losing his or her retirement allowance; reduce. Amends sec. 61 of 1980 PA 300 (MCL 38.1361).
Retirement: public school employees
Last Action
Referred To Committee On Education
3/23/2022