|
If you retired before your
Normal Retirement Age, certain requirements apply to returning
to work for the "same employer."*
- At retirement,
you must certify that you have not discussed, or negotiated, a
return to work with your employer prior to terminating your
employment.
- You may not
return to work for at least 30 days, or before the effective
date of your retirement, whichever is later.
-
You may work for up to 90 days in one
year (work-year).
If you are below normal retirement age when you return to work
and you don't follow the requirements, it could mean suspension
of your benefit until you reach normal retirement age, or after
you stop post-retirement employment, whichever is sooner.
Additional penalties may include repaying, with interest, any
benefits paid during a period when they should have been
suspended.
To help make sure you avoid penalties or suspension of benefits,
give us a call or come in and talk to us before making plans to
return to work for your same employer.
| Retiring at Normal Retirement
Age and Member of State/Teacher Plan? |
If you retire at or after the normal retirement age for your plan,
generally age 60, 62 or 65 there are new requirements if you return
to work for a State or Teacher employer:
-
Must wait 30 days after ending your
position before returning to work.
-
May not be paid more than 75% of the
compensation established for the position.
-
May return to service for up to five (5)
years.
| Retiring at Normal Retirement
Age and Member of Participating Local District (PLD) Plan? |
There are no restrictions under the PLD plan on retiring and
returning to work for the same employer.
|
