The bill amends existing laws regarding the Teachers Retirement Association (TRA) and the St. Paul Teachers Retirement Fund Association (SPTRFA) by extending the suspension of earnings limitations for retired teachers who return to teaching. Specifically, it modifies the language in Laws 2022, chapter 65, article 3, section 1, subdivisions 2 and 3. The amendments allow for the deferral of a reemployed teacher's annuity to be suspended for additional years, specifically covering earnings from calendar years 2023, 2024, 2026, 2027, and 2028, rather than just 2022 and 2023.

Additionally, the expiration date for this provision has been extended from January 1, 2026, to January 1, 2029. The bill includes new effective date clauses stating that these changes will take effect the day following final enactment. Overall, the legislation aims to provide more flexibility for retired teachers who wish to return to the classroom without the burden of earnings limitations on their retirement benefits.