Amends TCA Title 8, Chapter 36, Part 8.

Under this bill, a retired member of the Tennessee consolidated retirement system (TCRS) or of a superseded system, or of a local retirement fund may be reemployed in a position covered by the retirement system without the loss or suspension of the retired member's TCRS benefits, if the following conditions are met: (1) The retired member is reemployed as a K-12 grade teacher, as a K-12 grade substitute teacher, or as a K-12 grade school bus driver; (2) The retired member is not reemployed until the expiration of at least 60 calendar days from the member's effective date of retirement; (3) During the reemployment, the retirement benefit payable to the retired member must be reduced to 70 percent of the retirement allowance the member would have otherwise been entitled to receive; (4) The retired member's reemployment cannot exceed one year; however, the retired member may be reemployed for additional one-year periods; provided, that the conditions contained in this bill are met for each period of reemployment; (5) To fund the liability created by this bill, the retired member's new employer must pay to TCRS during each period of reemployment the greater of: (A) A payment equal to the amount the employer would have contributed to the retirement system had the retired member been a member of the retirement system during the period of reemployment; or (B) An amount equal to 5 percent of the retired member's pay rate; (6) The retired member is not eligible to accrue additional retirement benefits as a result of the member's reemployment; (7) Upon the reemployment of the retired member, the retired member's new employer must: (A) Notify the retirement system of the member's reemployment with documents or information required by the retirement system; and (B) Certify in writing to the retirement system that the retired member has the requisite experience and training for the position to be filled and that no other qualified persons are available to fill the position; and (8) The retiree must not be drawing disability retirement benefits. This bill will be repealed on July 1, 2027. ON MARCH 14, 2022, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 2783, AS AMENDED. AMENDMENT #1 changes this bill's repeal date from July 1, 2027, to June 30, 2025.