This bill establishes provisions allowing retirees from the Teachers' Retirement System to return to work for the Superintendent of Public Instruction without losing their retirement benefits. Specifically, it permits retired members who have received a retirement allowance for at least two months and have completed 27 or more years of creditable service to be employed full-time for a maximum of five years. The Superintendent must certify that the position could not be filled by a non-retired member after advertising it, and the certification must include the retired member's name, social security number, and a proposed contract. Additionally, the bill outlines that reemployed retirees are ineligible for active membership and service credit under any retirement system, and it mandates biennial reporting to relevant legislative committees.

The bill also stipulates that employers must contribute monthly to the Teachers' Retirement System based on specified contribution rates and exempts reemployed retirees from certain earnings and employment limits. The board of the Teachers' Retirement System is granted rulemaking authority to implement these provisions. The act is set to take effect immediately upon passage and approval, with a termination date of June 30, 2031.