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SB 765 (Portantino) – Postretirement Earnings Limitations

Increases the CalSTRS annual postretirement earnings limit from one-half to 70% of the median final compensation of all members who retired for service during the fiscal year ending in the previous calendar year. Also modifies the process for obtaining an already-available exemption from the CalSTRS 180-calendar day separation-from-service requirement. Makes these provisions effective from July 1, 2024, through June 30, 2026, and requires CalSTRS to submit a report to the appropriate policy committees of the Legislature on postretirement work.

  • Version: Chaptered (Chapter 885, Statutes of 2023)
  • Sponsor: State Superintendent of Public Instruction, Tony Thurmond
  • Location: Signed by Governor
  • Board Position: Neutral

CalSTRS analysis:

As amended 8/17/2023