SB 454 Summary

• Removes earnings limitations for retired teachers employed by Oklahoma public schools who have been retired for 36 or more months and perform classified or nonclassified personnel duties, allowing them to earn any amount without reduction in retirement benefits.

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

• Keeps earnings limitations for retired members under 62 years of age (limited to $15,000 or one-half of final average salary, whichever is less) and members 62 years or older (limited to $30,000 or one-half of final average salary, whichever is less).

• Requires public school districts employing retired members to make system contributions as specified in Section 17-108.1 and Section 17-116.2.

• Becomes effective November 1, 2015.