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 been receiving a retirement allowance for at least two months to be employed full-time for a maximum of five years, provided they have completed 27 or more years of creditable service prior to retirement. The Superintendent must certify that the position could not be filled by a non-retired member after advertising it. The bill also outlines the necessary employer certification process, which includes the retired member's name, social security number, and a proposed contract of employment.

Additionally, the bill mandates that employers 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 and is required to report biennially on the outcomes of this section. The act is set to take effect immediately upon passage and approval, with a termination date of June 30, 2031.