Continues the provisions of House Bill 1873 enacted in 1997. Changes the annual amount paid by the State toward each teacher's retirement contributions. The amount paid by the State is based on the minimum salary for a bachelor's degree, even if the employee has attained an advanced degree. Use total experience allowed by the State Department of Education as shown on the Annual Personnel Report. Requires the state credit be divided by the number of pay periods in the employee's contract and the monthly credit be added to the teacher's compensation.
Payment begins with the first full month of employment.
The teacher forfeits the state's contribution to his or her retirement account if employment terminates prior to the end of the school year. If the eligible member is employed less than full-time, the state credit must be prorated. Calculate the eligible member's retirement contribution in the regular manner and subtract the monthly credit to be paid by the State. School districts must adjust their payroll procedures to include the monthly credit and adjust remittance reports to TRS to reflect the amount paid by the school and the credit taken as a result of the state payment. If a school pays a teacher's retirement contribution in addition to other compensation , the school must deduct the appropriate amount from the teacher's monthly retirement contribution and add that amount to the teacher's compensation.