This bill amends the Teachers Retirement System of Oklahoma, specifically Section 17-116.10, to allow for certain postretirement employment opportunities without earnings limitations for eligible retired members. The bill stipulates that retired members who have been retired for at least one year and have not been employed by any public school during that time can be reemployed as active classroom teachers in common or career tech school districts without restrictions on earnings. Additionally, it introduces a new provision allowing members who have been retired for at least 90 days to also be eligible for reemployment under similar conditions, provided they have not worked in the 90 days prior to reemployment.

The bill also updates statutory language and references, including the definition of "last day of preretirement public education employment" and the requirement for public school districts to contribute to the Teachers Retirement System for retired members they employ. It clarifies that postretirement employment with certain state entities will not be considered as employment with public schools, and it mandates that the Board of Trustees of the Teachers Retirement System promulgate necessary rules for implementation. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate enactment upon passage and approval.