This bill amends the current regulations governing the Teachers Pension and Annuity Fund (TPAF) by extending the time frame in which members can maintain their membership after discontinuing service. Specifically, it changes the period from two years to seven years for general discontinuance of service. Additionally, for members who have been laid off or who voluntarily terminated their service after completing 10 or more years of continuous service, the bill extends the period for returning to service from 10 years to 25 years.

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 that were in place 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 placement in the appropriate member tier.

Statutes affected:
Introduced: 18A:66-173