SB 734 Summary

• Changes retirement application process from "filing a written application" to "executing a retirement contract" that must be submitted no less than 30 days prior to the projected retirement date.

• Adds new definition of "retirement contract" as a document prepared by the Teachers' Retirement System incorporating the member's selected retirement option.

• Modifies normal retirement age calculations to clarify provisions for members joining before November 1, 2011 versus those joining on or after that date.

• Expands definition of "regular annual compensation" to include specific salary components and exclude certain payments (unused leave payout, termination payments, expense reimbursements, flexible benefit allowances).

• Effective date: November 1, 2013.