The bill amends the Educational Retirement Act to clarify the restrictions on gifts accepted by board members and employees, allowing them to accept gifts of food or beverage consumed in a public accommodation, or a single gift valued at no more than $50, with an aggregate limit of $150 in a calendar year. It also mandates that unclaimed member contributions be deposited into the Educational Retirement Fund and requires payment for allowed service to be made within ninety days. Additionally, members on disability status who are over sixty will continue to receive annuity adjustments, and the bill defines "five years of contributory employment," establishing that members must have at least five years of such employment to qualify for retirement benefits.

Further provisions include adjustments to retirement benefits based on the funded ratio of the retirement fund and the consumer price index, ensuring that members on disability status will have their benefits adjusted annually starting from the third full year after their disability approval. The bill also specifies limits on service credit acquisition, stating that no member shall be certified for more than five years of service credit under certain conditions, and no more than ten years under others. It updates disclosure provisions related to member information, allowing public access to certain details while restricting sensitive information, and permits the Public Employees Retirement Board to access this information for administering the Public Employees Retirement Reciprocity Act, with penalties for unauthorized disclosures.

Statutes affected:
introduced version: 22-11-5.1, 22-11-11, 22-11-24, 22-11-31, 22-11-34, 22-11-55