Bill > S1471

This bill aims to extend eligibility for the state retirement system to part-time faculty members in higher education institutions. The key provisions are: 1. Part-time faculty who teach the equivalent of at least two 3-credit courses per semester or four 3-or-more-credit courses per calendar year at one or more state higher education institutions, including continuing education divisions, regardless of funding source, will be considered eligible employees for the state retirement system and will earn creditable service for such time. 2. The state retirement board will credit at least one-half year of service for part-time faculty who teach the equivalent of at least four 3-credit courses per calendar year at one or more state higher education institutions. 3. The state retirement board will allow credit for any previous period of service equivalent to teaching at least four 3-credit courses per calendar year at one or more state higher education institutions, including continuing education divisions, regardless of funding source. 4. For part-time faculty employed at one or more state higher education institutions, the full salary and wages received for teaching credit courses, regardless of funding source, will be regarded as regular compensation and included in the salary on which deductions are paid to the annuity savings fund. 5. Part-time faculty employed at one or more state higher education institutions, whose employment commenced on or after January 1, 1978, and who have not completed five or more years of creditable service before the termination of their employment, will be entitled to a return of their accumulated deductions instead of a superannuation retirement allowance.

Budget and Finance, Labor and Employment

https://malegislature.gov/Bills/191/S1471