Change provisions relating to termination of employment under the School Employees Retirement Act and the Class V School Employees Retirement Act

Summary

The bill updates how retirement benefits are computed for teachers and other school staff, changing the mortality tables, interest rates, and what counts as compensation. It also refines the definition of "termination of employment" and clarifies which payments are considered creditable service. These changes affect current and future retirees by altering benefit amounts and eligibility criteria.

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