Retirement Modifications
What changed between versions
Redefines 'bona fide termination of employment' to explicitly include the cessation of fee-for-service relationships and requires no prearranged plans for future reemployment.
Restricts the transfer of service credit earned in Tier II systems to other systems and vice versa, preventing moving credits between the new and old retirement tiers.
Restructures the Membership Council composition to include specific representatives for education support professionals, school business officials, and special districts.
Limits the ability of members to permanently relinquish defined contribution benefits and clarifies that defined benefit benefits cannot be permanently given up at all.
Authorizes the Attorney General and designated senior staff to elect to transfer their accrued defined benefit value to a personal defined contribution account or be exempt from the system, with employer contributions vesting immediately.
Adds exemptions for at-will employees reporting directly to the Attorney General to opt out of the retirement system.
Clarifies that executive directors may delegate the authority to make initial appeal rulings to deputy directors or senior management staff.
