§1762.1. Full-time reemployment of retirees
A.(1) If a retiree receiving a normal benefit becomes employed by an employer as an employee on or after July 1, 2017, the retired member's retirement benefit shall be suspended and the retired member shall be a member of the system. Upon his subsequent separation from service, the system shall resume payments of the retired member's original benefit.
(2) If the retiree worked for more than twelve months, he shall receive a supplemental benefit based on his salary and service earned during reemployment using the payment option elected by the member for his original retirement benefit. If the retiree is reemployed for a period of less then twelve months, he shall not earn a supplemental benefit and the system shall return the employee contributions to the member without interest and retain the contributions paid by the employer.
B. The supplemental benefit when combined with the original benefit shall not exceed the final compensation figure used to compute the original benefit or the supplemental benefit, whichever is greater.
C. If a retiree receiving a normal benefit becomes employed by an employer as an employee prior to July 1, 2017, the retired member may elect to have his benefit suspended and be a member of the system pursuant to this Section.
Acts 2017, No. 314, §1, eff. June 30, 2017; Acts 2018, No. 42, §1, eff. July 1, 2018.
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