Bill > H2389

This bill amends Chapter 32 of the General Laws, specifically subdivision (1) of section 4, to allow members of the teachers' retirement system who work as school business administrators to receive "creditable service" for prior occupational experience that was required for their licensure by the office of elementary and secondary education. Creditable service refers to the years of employment that count towards a person's retirement benefits. To receive this credit, the member must pay into the Annuity Savings Fund an amount equal to seventeen percent of their current salary for each year of service they wish to purchase, and they must have completed at least 10 years of membership service. This provision has a cap, meaning a member cannot receive more than 3 years of creditable service under this new rule, and it also prevents individuals from receiving credit if they have already obtained or are eligible for similar credit for prior occupational work experience under Chapter 32.