This bill amends the current regulations governing the Teachers' Pension and Annuity Fund (TPAF) by extending the time frame in which a member can discontinue service and still maintain their membership. Specifically, it changes the period of discontinuance from two years to seven years, allowing members to retain their status for a longer duration. Additionally, for members who left service under certain qualifying conditions, such as voluntary termination after 10 or more years of service, the bill extends the return period from 10 years to 25 years.

Furthermore, the bill stipulates that individuals who return to service within these extended time frames will be eligible for enrollment in the TPAF based on the eligibility requirements that were in place at the time of their initial termination. It also ensures that those who returned prior to the bill's effective date will be enrolled without incurring additional contributions from either the member or their employer. The Division of Pensions and Benefits is tasked with making necessary adjustments to facilitate this enrollment and ensure proper placement within the members' tier.

Statutes affected:
Introduced: 18A:66-173