Senate committee substitute to the 2nd edition adds the following.

Directs the State Treasurer to seek a private letter ruling from the IRS regarding the act's provisions (modifying the computation of postretirement earnings of high-need retired teachers). Allows the Retirement Systems Division to increase receipts from the assets of the Teachers' and State Employees' Retirement System (Retirement System) or pay associated administrative costs directly from the plan assets to accomplish the act's purpose, including up to $75,000 to obtain a private ruling from the IRS.

Deems any beneficiary of the Retirement System that is employed to teach by a local school administrative unit as a high-need retired teacher ineligible to elect into a position that would lead him or her to be eligible to accrue any additional benefits under specified state law concerning members retiring on or after July 1, 1963. Requires the Retirement System to correct any failure to comply with this provision, as appropriate, and places correction costs upon the local school administrative unit. Requires any corrective costs to be transferred to the Pension Accumulation Fund pursuant to rules adopted by the Board of Trustees.