What Happens if You Exceed the Working After Retirement Limit?
If you exceed the hourly limit your benefits stop.
- You must notify PEERS immediately.
- You forfeit your benefits effective the month in which the hourly limit is exceeded. The minimum you will forfeit is one full monthly benefit.
- Your benefits resume the month after your employment ends or when a new school year begins on July 1.
- If you meet membership eligibility requirements, you must establish a second PEERS membership and pay contributions to PEERS.
- You are required to reimburse PEERS for all benefits received while ineligible.
Mark is retired and working part-time for a PEERS-covered employer. Mark exceeds the hourly limit in April. He ends his post-retirement employment with the PEERS-covered employer in May. His April and May benefits are not payable. However, if he does not return to PEERS-covered employment, his benefits resume in June.
Establishing a Subsequent Membership
If your post-retirement work meets membership eligibility requirements, you must establish a new membership and pay contributions on your salary. You will earn service under your new membership.
If you earn a minimum of one year of service under that new membership, you are eligible for a second retirement benefit. You also have the option to request a refund of your contributions and interest earned under the new membership. When you do this, you forfeit any rights to a second monthly benefit.
- Combine your second benefit with your initial benefit
- Choose a Partial Lump-Sum Option (PLSO) on your second membership