Senate Bill No. 377 (SB377), File No. 571, proposes amendments to the Teachers' Retirement System (TRS) statutes, including changes to definitions and provisions. Notably, the bill excludes the State Education Resource Center as an employer for members hired on or after July 1, 2022, and revises the definition of "Public school" to exclude the State Education Resource Center for members hired before this date. The bill also makes the retirement application process irrevocable on the date of retirement, modifies survivor benefits to allow designated beneficiaries or, in their absence, the surviving spouse, children, or estate to receive the member's accumulated contributions with interest, and updates the election process for members of the Teachers' Retirement Board. The bill is effective upon passage, with certain provisions effective on July 1, 2024.

The fiscal note attached to the bill indicates that changes to the election dates for the Teachers' Retirement Board will save approximately $50,000 every four years starting in FY 27. The bill also includes technical changes without fiscal impact. The bill analysis details the amendments, such as the clarified definitions, the establishment of default beneficiaries for accumulated contributions, and the adjustment of the TRB election timing for retiree seats. Additionally, the bill removes outdated language that allowed the executive director of the Commission for Education Technology to participate in the TRS. The Appropriations Committee gave a joint favorable vote on the bill on April 4, 2024.