HB 1489 Summary

• Increases the earnings limit for retired OTRS members under age 62 from $15,000 to $16,000 annually while still receiving retirement benefits.

• Retired members must wait 60 calendar days after their last day of pre-retirement employment before accepting post-retirement employment with Oklahoma public schools.

• Retired classified or nonclassified members retired for 36 or more months can earn unlimited annualized earnings from public schools with no reduction in 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 losing benefits.

• Takes effect July 1, 2015 and includes an emergency clause for immediate implementation.