HB 1111 Summary

• Amends post-retirement earnings limitations for retired Oklahoma Teachers' Retirement System (OTRS) members who are reemployed by public schools.

• Changes earnings cap for retired members under age 62 from $15,000 to the minimum salary of a teacher with a bachelor's degree and zero years of experience; for members age 62 and older, changes cap from $30,000 to one-half of final average salary.

• Retired members who have been retired for 36 or more months and perform classified or nonclassified duties may receive unlimited annualized earnings with no reduction in retirement benefits.

• Maintains 60-calendar-day waiting period after a member's last day of pre-retirement employment before they may be reemployed by Oklahoma public schools.

• Effective July 1, 2015; declared an emergency measure.