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 all members and allows for a 25-year period for those who were laid off or had 10 or more years of continuous service upon voluntary termination. Additionally, the bill stipulates that members who return to service within these time frames will be eligible for enrollment in the fund based on the eligibility requirements that were in place at the time of their termination.

Furthermore, the bill mandates that individuals who returned to service prior to its effective date, within the specified time frames, will be automatically enrolled in the fund and placed in the appropriate members tier without incurring additional contributions from either the member or their employer. The Division of Pensions and Benefits is tasked with making necessary adjustments and transfers to facilitate this enrollment process. Overall, the bill aims to provide greater flexibility and support for TPAF members who have temporarily left the workforce.

Statutes affected:
Introduced: 18A:66-173