If you do wish to return to work as a retiree, the law imposes the following limits for all three systems:
- You must sever employment and have been paid all compensation owed to you.
- You must have received at least one month of retirement benefits.
- You cannot have a verbal or written agreement that you will be returning to work.
There are other limitations to working in employment under the same retirement system:
PERS Working Retiree Limitations - You must terminate service for at least 90 days before returning to work under covered employment.
For PERS members less than age 65, and work in PERS covered employment in excess of 960 hours, your benefit will be reduced $1.00 for each $1.00 earned from PERS covered employment and any other concurrent non-PERS covered employment with the same employer. The limit applies to each calendar year. MPERA reduces benefits only if you exceed the limit.
For PERS members who are age 65 to 70 1/2 years of age - the limit is either 960 hours or an earning limitation, whichever is higher. The earning limitation is equal to your HAC adjusted for inflation. The sum of your retirement benefit and all PERS-associated earnings must be less than the earnings limitations (HAC adjusted for inflation). Earnings from other sources will not apply to the limit. Both limits apply to a single calendar year and we only reduce benefits for those years that your hours or earnings exceed the limit. Your benefit will be reduced $1.00 for each $1.00 earned from employment exceeding the limit.
For PERS members over the age of 70 1/2 - there are no limits restricting the earnings or hours of retired members.
The above limits apply only to PERS retirees working in PERS-covered employment. PERS-covered employment includes most positions with the state, university system, local governments, and school districts. If you are a PERS retiree, ask potential employers if the position you are considering would be covered by PERS. Covered positions include work performed for a PERS participating employer by a PERS retiree through a professional employer arrangement, an employee leasing arrangement, a temporary service contractor or as an independent contractor. Any retiree working in a PERS covered job may at any time choose to stop retirement and become an active member of PERS again. You may re-retire again later and we will recalculate the retirement benefit based on the additional service.
SRS Working Retiree Limitations
An SRS retiree working for an SRS employer has two limits. The retiree may earn up to $5,000.00 without penalty. The retiree's retirement benefit will be reduced $1.00 for each $3.00 earned in excess of the $5,000.00 limit from covered employment.
An SRS retiree may work up to 480 hours. If they exceed 480 hours, they must stop their retirement benefit payments and become an active member.
FURS Working Retiree Limitations
A FURS retiree may work up to 480 hours during any calendar year in a FURS-covered position. If they exceed 480 hours, they must stop their retirement benefit payments and become an active member.
JRS Working Retiree Limitations
A retired judge is entitled to receive compensation in an amount equal to the daily salary then applicable to the position up to a total of 180 days in a calendar year. This amount will be limited after 180 days.
If you have any questions regarding working as a retiree, please contact our office and we will be happy to help.