Bill > S1376

This bill expands eligibility for the state employees retirement system to part-time faculty at state higher education institutions, including divisions of continuing education, regardless of funding source. Specifically, faculty who teach the equivalent of at least two three-credit courses per semester or four three-credit courses per year will be considered eligible employees and earn creditable service for their teaching time. The bill also clarifies that for these faculty, actual service teaching at least four three-credit courses per year will be credited as at least one-half year of service, and previous service meeting this teaching requirement will be recognized. Furthermore, the full salary and wages earned by these part-time faculty for teaching credit courses will be considered regular compensation for calculating retirement deductions. Finally, part-time faculty whose employment began on or after January 1, 1978, and who have not completed five years of creditable service before leaving their job, will receive a return of their accumulated deductions instead of a retirement allowance.