(1) How soon can I return to work after I retire without impacting my PSERS retirement benefit? You may begin working immediately after you retire without impacting your PSERS retirement benefit if:
(a) You go to work for a private employer;
(b) You are an independent contractor as defined in WAC
415-02-110;
(c) Your only employment is as an elected official and you are not a PERS member; or
(d) You work in an ineligible position.
(2) If you return to work in a PERS, SERS, or TRS Plan 2 or Plan 3, or LEOFF Plan 2 eligible position, your retirement benefit will be affected as follows:
(a) If you retire and then return to work sooner than thirty consecutive calendar days from your accrual date (effective retirement date), your monthly retirement benefit will be reduced in accordance with RCW
41.37.050(1) until you remain absent for at least thirty consecutive calendar days.
(b) If you retire and remain absent at least thirty consecutive calendar days from your accrual date, you may work up to eight hundred sixty-seven hours each calendar year before your retirement benefit is suspended.
(3) If you return to work in an eligible PSERS position, your retirement benefit will be affected as follows:
(a) If you elect to reenter membership, your retirement benefit will be suspended. When you reretire, your retirement benefit will be recalculated pursuant to WAC
415-106-710.
(b) If you return to an eligible PSERS position within thirty consecutive days of your accrual date (effective retirement date) and do not reenter membership, your monthly retirement benefit will be reduced by five and one-half percent for every eight hours you work during that month. This reduction will be applied each month until you remain absent for thirty consecutive calendar days. The reduction will accrue for a maximum of one hundred sixty hours per month. Any reduction over one hundred percent will be applied to the benefit you are eligible to receive in subsequent months. See RCW
41.37.050(1).
(c) If you return to an eligible PSERS position after being absent for thirty consecutive calendar days from your accrual date (effective retirement date) and do not reenter membership, your retirement benefit will be suspended until you separate from PSERS employment.
(4) If you return to work after retirement from PSERS and another DRS retirement system, see WAC
415-113-300 to determine the effect of returning to work.
(5) What hours are counted toward the limit?
(a) Counted toward the eight hundred sixty-seven hour limit: All compensated hours that are worked in an eligible position covered by a DRS or higher education retirement plan, including the use of earned sick leave, vacation days, paid holidays, compensatory time, and cashouts of compensatory time.
(b) Not counted toward the hour limit: Cashouts of unused sick and vacation leave.
(6) What happens if I work more than the annual eight hundred sixty-seven hour limit?
(a) If you work more than the annual limit, your retirement benefit will be suspended. The suspension will be effective the day after you exceed the hour limit. DRS will prorate your retirement benefit for the month in which you exceed the hour limit.
(b) Your retirement benefit will be restarted beginning the next calendar year (January) or the day after you terminate all eligible employment identified in subsection (2) of this section, whichever occurs first.
(c) DRS will recover any overpayments made to you for the month(s) in which you exceeded the work limit and received a retirement benefit. See RCW
41.50.130.
(7) Terms used.
(b) PSERS: Public safety employees' retirement system.
(f) Month - Calendar month as defined in WAC
415-02-030.