Bill > S1913

This bill modifies the retirement system for educational administrators by creating a new provision that allows certain educational administrators who previously supervised special education services in non-public schools (where student tuition was partially or fully funded by the state) to establish creditable service toward their retirement. Specifically, these administrators can retroactively purchase service credit by depositing an amount equal to 5% of their compensation from that period, plus interest, into their retirement system's annuity savings fund. This can be done in a lump sum or through installments, with the terms to be determined by the retirement system's board. The provision gives these administrators more flexibility in calculating their retirement benefits by allowing them to buy back credit for past service that might not have been previously counted, potentially increasing their eventual retirement allowance.

Budget and Finance, Labor and Employment

https://malegislature.gov/Bills/194/S1913