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View "What Retired Members Should Know About Returning to Work." SCRS
Service Retiree The Teacher and Employee Retention Incentive (TERI) program period counts toward the 15-day break requirement. If you return to covered employment sooner than 15 consecutive calendar days after retirement, your retirement annuity will be suspended while you remain employed by a covered employer. A severance from employment is required at the end of the TERI program before a member may return to covered employment. Certain members (elected officials and those designated exemptions approved by the Department of Education) may retire and return to work without a break in service. If you work 48 continuous months for a covered employer with an annual salary of at least 75 percent of the average final compensation (AFC) used to calculate your retirement annuity, you may elect to rejoin SCRS. If you rejoin, you may repay your retirement annuity and purchase service credit for that 48-month period by making a payment equal to the amount you would have contributed plus the interest your contributions would have accrued if you had been an active member for months during the 48-month period you did not make contributions as a retiree. For months that you made contributions as a retiree during the 48-month period, you would only be required to pay back the retirement benefits received to purchase this time if you wish to purchase this period of time. Your subsequent retirement annuity will be computed as if you are retiring for the first time. Your TERI period does not count toward the 48 months and cannot be purchased as service credit if you rejoin the Retirement Systems. Group Life Insurance TERI participants and retired contributing members are eligible for an increased group life insurance benefit of payment equal to their annual salary in lieu of the standard $2,000, $4,000 or $6,000 retired member benefit.
Working Retiree Contribution Rates Retired members who return to covered employment make employee contributions as well. Members whose participation in the TERI program began prior to July 1, 2005, do not make employee contributions during their TERI period.
Retired member employee contributions will be posted to your retirement account; however, as a retiree (including TERI participants) you will not receive additional service credit or receive interest on your account. PORS Service Retiree Certain members (elected officials and those designated exemptions approved by the Department of Education) may retire and return to work without a break in service. If you work 48 continuous months for a covered employer with an annual salary of at least 75 percent of the average final compensation (AFC) used to calculate your retirement annuity, you may elect to rejoin PORS. If you rejoin, you may repay your retirement annuity and purchase service credit for that 48-month period by making a payment equal to the amount you would have contributed plus the interest your contributions would have accrued if you had been an active member for months during the 48-month period you did not make contributions as a retiree. For months that you made contributions as a retiree during the 48-month period, you would only be required to pay back the retirement benefits received to purchase this time. Your subsequent retirement annuity will be computed as if you are retiring for the first time. Group Life Insurance Retired contributing members are eligible for an increased group life insurance benefit of payment equal to their annual salary in lieu of the standard $2,000, $4,000 or $6,000 retired member benefit.
Working Retiree Contribution Rates Retired members who return to covered employment make employee contributions as well. These contributions will be posted to your retirement account; however, as a retiree you will not receive additional service credit or receive interest on your account. SCRS or PORS Disability Retiree Example
Your AFC may be adjusted each year for inflation for earnings limitation purposes only. This increase generally matches the percentage increase of the CPI. These adjustments affect the amount you can earn while receiving a disability retirement annuity; however, they do not affect the amount of your benefit. You will receive a letter each January advising you on how much you can earn and requesting confirmation of your prior year earnings. You will have to repay any benefits that you received to which you were not entitled. If you earn more than the difference between your adjusted AFC and your disability annuity amount, your monthly annuity will be reduced or possibly canceled. If you return to work with an employer covered by the Retirement Systems and your salary is equal to or greater than your adjusted AFC, your disability retirement annuity ceases and you must become an active member of the system. Retired members who work for a covered employer will make tax-deferred employee contributions for the duration of their covered employment and are eligible for an increased group life insurance payment equal to one year's annual salary. GARS and JSRS Retirees
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