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 after leaving service. Additionally, the bill allows members who left service for qualifying reasons, including those who voluntarily terminated their employment after 10 or more years of service, to return to service within 25 years, up from the previous 10-year limit.

Furthermore, the bill stipulates that individuals returning to service within these extended time frames will be eligible for enrollment in the TPAF based on the eligibility requirements applicable at the time of their initial termination. It also ensures that those who returned to service before 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