This bill allows teachers who have retired from the Teachers Pension and Annuity Fund (TPAF) to return to work for a maximum of two years without needing to reenroll in the TPAF. Boards of education can hire these retired teachers on a contractual basis, subject to the approval of the executive county superintendent of schools, which will only be granted if the board demonstrates that the retired teacher is the only qualified candidate after a thorough search. The salary for these rehired teachers must be between 40% and 70% of the median salary of current teachers in the district. The bill also specifies that the retired teacher's employment cannot be prearranged before retirement and that they will not gain tenure or seniority rights during this period.

In addition to employment provisions, the bill offers gross income tax relief for rehired teachers. Retired teachers hired under this bill can deduct 50% of their salary or remuneration from their gross income. The remaining income will be taxed at a reduced rate of 1.4%, regardless of the taxpayer's filing status, provided it exceeds the minimum taxable income threshold. Overall, the bill aims to facilitate the reemployment of retired teachers while providing them with financial incentives through tax relief.