Bill > HB136

This bill modifies the Deferred Retirement Option Plan (DROP) for Tier I and Tier II members of the Teacher Retirement System, expanding and clarifying participation options. For Tier I members, the bill changes the service requirement from 25 to 30 years and maintains the minimum age of 55, with the additional requirement that participants must be current classroom teachers. For Tier II members, the bill establishes new eligibility criteria, including 30 years of service and a minimum age of 62, also requiring current classroom teaching status. The bill specifically defines "classroom teacher" as an employee directly instructing K-12 students for at least four hours daily, excluding teacher's aides and administrators. The State Superintendent must certify a member's qualification before and during DROP participation. The legislation allows DROP participation for 3-5 years, with members able to participate only once, and maintains provisions for how retirement benefits are calculated and disbursed. The bill also sets a sunset date of July 31, 2031, for DROP participation, after which no new members can enter the program. This change aims to provide more structured retirement options for teachers while establishing clearer guidelines for the DROP program.