HB 1461 Summary

• Increases post-retirement earnings limits for retired Teachers' Retirement System members employed in teaching roles from one-half to two-thirds of final average salary used in computing retirement benefits

• Raises earnings cap for retired members under age 62 in instruction-related classified or nonclassified positions from $15,000 to $30,000 annually

• Increases earnings cap for retired members age 62 or older in classified or nonclassified positions from $30,000 to $40,000 annually

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

• Effective July 1, 2015, with emergency declaration for immediate implementation