Bill > S1392

This bill amends Chapter 32 of the state's laws to allow school business administrators who are members of the teachers' retirement system to receive "creditable service," which is essentially credit towards their retirement based on prior work experience. Specifically, it permits these administrators to get credit for occupational experience that was required for them to be licensed as a school business administrator by the office of elementary and secondary education. To receive this credit, the administrator must pay back into the retirement system an amount equal to 17% of their current salary for each year of service they wish to purchase, and this payment must be made before any retirement benefits are received. However, this credit is only available after the administrator has completed at least 10 years of "membership service," meaning service as a contributing member of the retirement system, and it will not be granted if the administrator has already received or is eligible to receive credit for this prior experience under other provisions of Chapter 32. The total creditable service allowed under this new provision cannot exceed 3 years.