What Happens if You Exceed a Working After Retirement Limit?

If you exceed a working after retirement limit:

• You must notify PSRS immediately.
• Your benefits may be put on hold effective the month in which the limit is exceeded.
• You must repay to PSRS the amount earned in excess of the limit, or the entire amount of your monthly benefit for any month during which the limit was exceeded, whichever is less.
• If your benefits are put on hold, they will resume the month after your employment ends or when a new school year begins on July 1.
• If you meet membership requirements, you must establish a subsequent PSRS membership and pay contributions.
  

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 retirement benefit.

You cannot:

• Combine your second benefit with your initial benefit
• Choose a Partial Lump Sum Option (PLSO) payment on your second membership