SB 891 Summary

• Amends Oklahoma's Teachers' Retirement System law to regulate postretirement employment of retired teachers with public schools.

• Requires a 60-calendar-day waiting period between a teacher's last day of pre-retirement employment and any postretirement employment, with violation resulting in forfeiture of all retirement benefits received during that period.

• Sets earnings limits for retired members under age 62 at $15,000 annually or one-half final average salary (whichever is less), and $30,000 annually or one-half final average salary for members age 62 and older, with excess earnings resulting in $1-for-$1 loss of future retirement benefits.

• Allows retired members retired for 36 or more months to earn unlimited annualized earnings from public schools with no reduction in retirement benefits.

• Requires school districts employing retired members to make contributions to the Teachers' Retirement System as specified in Section 17-108.1 and Section 17-116.2, effective July 1, 2012.