AN ACT TO ALLOW FOR RETIRED TEACHERS TO RETURN TO WORK IN HIGH-NEED SCHOOLS WITHOUT ADVERSELY IMPACTING THE RETIRED TEACHERS' BENEFITS.
House committee substitute to the 3rd edition makes the following changes.
Modifies and adds to the directives set forth in Section 5 as follows. Now directs the State Treasurer to seek a private letter ruling from the IRS to determine if the provisions of the section relating to the computation of postretirement earnings of retired teachers jeopardizes the status of the Teachers' and State Employees' Retirement System (previously, more generally sought the ruling regarding the act's provisions). Maintains the authorization for 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 retirement assets to pay costs associated with the administration, but now caps the amount authorized to be used to obtain a private ruling from the IRS at $50,000 rather than $75,000. Additionally, deems any beneficiary of the Retirement System employed to teach by a local board of education (was, 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 board of education (was, local school administrative unit). Makes further technical changes.