SB 1102 Summary

• Changes retirement contract requirements from written applications to "executing a retirement contract" for Teachers' Retirement System members.

• Modifies the early retirement benefit reduction schedule for members who first became members on or after November 1, 2011, removing the previous actuarial adjustment factors (ranging from 65% to 100% based on age 60-65).

• Increases post-retirement employment earnings limits for retirees, allowing those age 62+ to earn up to $30,000 annually without benefit reduction (previously limited to one-half of final average salary).

• Implements prorated monthly earnings limits for the calendar year a member retires, calculated as one-twelfth of the annual limit multiplied by eligible working months.

• Effective date of November 1, 2013.