HB 1364 Summary

• Increases the post-retirement earnings limitation for retired teachers under age 62 from $15,000 to $25,000 annually while still receiving retirement benefits from Oklahoma's Teachers' Retirement System.

• Maintains a 60-calendar-day waiting period after a retiree's last day of pre-retirement employment before they can accept post-retirement public school employment.

• Allows retired classified or nonclassified members retired for 36 or more months to receive unlimited annualized earnings with no reduction in retirement benefits.

• Requires public school districts employing retired members to make required contributions to the Teachers' Retirement System per Section 17-108.1.

• Effective date is July 1, 2015, with an emergency clause declaring the act takes effect immediately upon passage and approval.