Senate Bill 123 Summary

• Increases the earnings limit for retired teachers under age 62 from $15,000 to $30,000 annually when employed by Oklahoma public schools in classified or nonclassified positions.

• Sets the earnings limit for retired teachers age 62 and older at $30,000 annually for classified or nonclassified personnel positions.

• Allows retired members employed for 36 or more months to receive unlimited annualized earnings from public schools with no reduction in retirement benefits.

• Requires automatic annual adjustment of earnings limits effective January 1 each year to reflect current Social Security Administration earnings limitations for workers ages 62-65.

• Becomes effective November 1, 2015.