• No results found

under TSERS after you have officially re- tired and are receiving monthly benefits, you will be subject to the return-to-work provisions described below. These provi- sions may limit your earnings or require you to re-enroll as a contributing member of TSERS .

You will be subject to return-to-work provisions based on the nature of the par- ticular work you perform for a TSERS employer, regardless of your job classifica- tion or your technical employment status (which may include being assigned to work for a TSERS employer by a private company such as a temporary staffing agency).

After Receiving Retirement Benefits

If you retire with monthly early or service retirement benefits from TSERS and are reemployed by an employer that participates in TSERS, you are subject to the provisions described below.

During the 6 months immediately following your retirement date, you can- not work for a TSERS employer in any capacity, except as one of the follow- ing:

• An unpaid bona fide volunteer in a local school administrative unit

• A school board member

• A member of a board of trustees of a community college or of any con- stituent institution of the University of North Carolina

• An unpaid bona fide volunteer guardian ad litem in the Guardian ad Litem Program

If you return to work earlier than 6 months after your retirement date, your retirement benefit will be revoked retroactively to your retirement date, and you must return all benefits paid to you, including any State Health Plan retiree group coverage premiums paid by TSERS on your behalf. As an active employee, you may not establish an agreement for post-retirement employment with a TSERS employer. If you do, your retirement benefits will be retroactively revoked as described above.

Working After a 6-Month Break

After a 6-month break, you may return to work in a position that requires membership in TSERS. Your retirement benefit will be suspended on the A 6-month wait after your

TSERS retirement date before returning to work for a TSERS employer is required to avoid a retro- active loss of your TSERS retirement benefits.

Your TSERS benefit will be suspended if you return to work in a position requir- ing membership in TSERS.

first day of the month following the month of your reemployment, and you will again become a contributing TSERS member in the month in which you are restored to membership service. (Your TSERS retirement benefit will also be suspended if you return to membership service under CJRS.) If you return to service and contribute to TSERS for at least 3 additional years, at the time you end your second period of employment, you can choose one of the following options for your benefit:

• You can combine your service from your first and second periods of employment to create one (generally larger) monthly retirement benefit. You can change the retirement payment plan and/or beneficiary you selected at the time of your original retirement. If you selected Option 4 for first retirement, we must actuarially adjust benefits when you retire again .

• You can reinstate your first retirement account and withdraw your con- tributions only from your second account

If you return to service and contribute to TSERS for fewer than 3 additional years, at the time you end your second period of employment, your first retirement benefit will be reinstated. You can choose one of the following options for your second retirement account:

• You can apply to receive a second (generally smaller) monthly benefit based on your second period of employment

• You can withdraw your contributions from your second account

• You can leave your second account open

After a 6-month break, if you return to work with a TSERS employer in a position ineligible for TSERS membership, your earnings will be restricted to the greater of the following:

• 50% of your gross 12-month pre-retirement salary (excluding termina- tion payments)

• $31,380 (2015 amount)

The dollar figure is adjusted annually according to the Consumer Price Index. These earnings restrictions apply for the 12 months immediately following your retirement and for each calendar year following the year of retirement.

Exceeding Your Earnings Limitations

If you exceed your earnings limitations, your retirement benefit will be suspended on the first day of the month following the month in which you exceeded the limit for the remainder of the calendar year. Your retire- After a 6-month break,

you may return to work with a TSERS employer in a position ineligible for TSERS membership with- out affecting your TSERS benefit, provided you do not exceed your earnings limitations.

ment payment will start again on January 1 of the year after your benefit is suspended. If your earnings exceed the allowable amount in the month of December, your benefit will not be suspended.

Reemployment that suspends your retirement allowance will also suspend your health coverage under the retiree group of the State Health Plan. Before accepting such reemployment, ask your new employer whether you qualify for coverage under the active group of the State Health Plan and whether you will qualify for the state’s contribution toward your coverage. When your retirement benefit is restored, your health coverage under the retiree group will be reinstated the first of the month following the month your retirement benefit is restored.

After Receiving Disability

If you accept public or private employment, contact TSERS for information on provisions that apply to you. For additional information, please see the Disability section on our website at www.myncretirement.com .

Effects on Health Coverage

Before you accept reemployment with a TSERS employer, ask your new employer whether the employment will affect your health coverage, and if the reemployment will cause your State Health Plan retiree group coverage to be suspended .

Under the Legislative or Consolidated Judicial Systems

If you are a TSERS retiree who is reemployed under CJRS, a CJRS retiree re- employed under TSERS, or an LRS retiree reemployed under TSERS, return- to-work laws may require a suspension of benefits or may limit the amount you can earn without penalty. Please contact the NC Retirement Systems for information on provisions that apply to you.

For additional information, see “Return-to-Work Laws” on our website at www. myncretirement.com.

Related documents