HB 1638 Summary

• Increases post-retirement earnings limitation for retired Oklahoma Teachers' Retirement System (OTRS) members from $15,000 to $30,000 per year for members under age 62 performing classified or nonclassified duties.

• Increases earnings limitation to $30,000 for retired members age 62 and older, while maintaining the lesser-of comparison to half of final average salary.

• Allows retired classified or nonclassified members retired for 36 or more months to earn annualized earnings with no reduction in retirement benefits regardless of earnings amount.

• Maintains the 60-calendar-day waiting period between a retiree's last day of pre-retirement employment and any post-retirement public school employment.

• Becomes effective July 1, 2015, with an emergency clause allowing the act to take effect immediately upon passage and approval.