OK SB234

Allows retired teachers to be re-employed by Oklahoma public schools while continuing to receive retirement benefits, subject to specific earning limits and a 60-calendar-day waiting period after retirement.

School districts employing retired members must make contributions to the Teachers' Retirement System as required by Section 17-108.1 and paragraph 3 of subsection B of Section 17-116.2.

Sets earnings limits based on age: members under 62 years old are limited to the lesser of $15,000 annually or one-half their final average salary; members 62 and older are limited to the lesser of $30,000 annually or one-half their final average salary.

Retired members employed for 36 or more months can receive unlimited annualized earnings with no reduction in retirement benefits if performing classified or nonclassified duties.

Effective July 1, 2011, with emergency declaration for immediate implementation.