SB 2118 - Oklahoma Teachers Retirement Summary

• Reduces the mandatory waiting period for retired teachers seeking post-retirement employment with Oklahoma public schools from 60 calendar days to 30 calendar days

• Lowers annual earnings limits for retired teachers under age 62 to $15,000 or one-half of final average salary (whichever is less), and for teachers age 62+ to $30,000 or one-half of final average salary (whichever is less)

• Reduces the retirement duration threshold from 36 months to 30 days before retired teachers can earn unlimited compensation while performing classified or nonclassified duties for public schools

• Maintains requirement that public school districts make contributions to the Teachers' Retirement System for employed retired members

• Becomes effective November 1, 2014