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A member may re-employ after retirement; however, the member must ensure that applicable separation from service requirements are met by waiting a minimum of 30 days to re-employ.
Effective July 1, 2008, a member may continue to receive pension payments and re-employ in a TRF- or PERF-covered position with a 30-day required separation from service period before re-employment and no earnings limitation during re-employment. During re-employment in a TRF- covered position, no ASA contributions are made to TRF on the member’s behalf and no additional service credit or supplemental pension is earned. A member who re-employs in a PERF-covered position can earn contributions and service credit. He or she can potentially qualify for a second retirement.
The 30-day separation period is measured from the member’s benefit accrual date to the first date of re-employment. The benefit accrual date is the last day of employment in a TRF- or PERF-covered position. For example, if a member’s last day of employment in a TRF- covered position was May 31, the member’s first date of re-employment in a PERF-covered position must be on or after July 1.
For a member who chooses to delay his or her retirement, the benefit accrual date is the retirement date. If the member does not have a 30-day separation from service, the member’s retirement is voided and the member is not eligible for pension benefits. The member must repay to the Fund any amounts received for which the member was not eligible.
After July 31, 2009, if, on or before the date the member files an application for a retirement benefit, the member has entered into any re-employment agreement (formal or informal) with a covered employer, the member’s application for retirement is void and any benefits paid during the period of re-employment must be repaid to TRF. IRS penalties may also apply.
Beginning July 1, 2008, retirees may re-employ in a TRF- or PERF-covered position after a 30-day separation period.
A member who continues to teach in a TRF-covered position after age 70 and has 20 or more years of service is eligible to begin receiving retirement benefits without a separation from service. During the time a monthly pension benefit is received and the member is still employed in a TRF-covered position, no additional service credit or salary credit are earned and thus the retirement benefit remains at the same level as when it began. Should you choose this option, all of the normal alternatives for distribution of both your monthly pension benefit and your Annuity Savings Account are available to you.