HB 1112 Summary

• Increases post-retirement earnings limitation for retired Teachers' Retirement System members under age 62 from $15,000 to $30,000 annually while still receiving retirement benefits.

• Members age 62 and older can earn up to $30,000 annually or one-half of their final average salary, whichever is less, without affecting retirement benefits.

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

• Requires public school districts that employ retired members to make contributions to the Teachers' Retirement System as specified in related statutes.

• Effective date of July 1, 2015, with an emergency clause allowing immediate effect upon passage and approval.