SB105 Summary

• Reduces the mandatory waiting period for retired teachers to return to work from 60 calendar days to 30 calendar days after their last day of pre-retirement employment.

• Reduces the eligibility period for classified or nonclassified retired members to receive unlimited earnings from 36 months to 30 days of retirement before they can earn annualized income with no reduction in retirement benefits.

• For retired members under age 62, caps earnings from public schools at $15,000 annually or one-half of final average salary, whichever is less; for members 62 and older, caps earnings at $30,000 annually or one-half of final average salary.

• Maintains automatic annual adjustment of earnings limits effective January 1 each year based on Social Security Administration guidelines.

• Becomes effective November 1, 2015.