HB 1219 Summary

• Modifies the definition of "retirement annuity" to clarify that payments begin on the first or fifteenth day of the month following eligibility for benefits.

• Removes requirement that the teachers' fund board act "through resolution" when informing the state investment board of service levels, goals, and objectives.

• Clarifies that qualified domestic relations orders may require early retirement benefit payments even if the teacher has not terminated employment, but cannot require benefits beyond those otherwise provided or increase benefits based on actuarial value.

• Restructures benefit calculation rules for teachers who return to work after retirement, establishing that members must select the same benefit option as initially chosen and that total subsequent benefits equal the original benefit plus calculated benefits for the return-to-work period.

• Changes service credit calculation from "days of compensation" to "hours in a fiscal year," establishing that full-time members earning at least 775 hours in a fiscal year earn one year of service, with fractional credit for lesser hours divided by 700 hours.