Retired Employees Returning to Work Earning LimitationsAnderson School District One Policy
At Will employees will earn leave days the same as regular employees each school year but will not be able to carry over any unused leave into another school year.
SCRS Service Retiree
If you return to work after retirement there is no limit on the dollar amount that you may earn as compensation; however, you must be retired for at least 15 consecutive calendar days before returning to work for an employer covered by the Retirement Systems. If you did not TERI prior to 7/1/06, contributions to SCRS will be withheld from your check at the same rate as active members.
The TERI period counts toward the break-in-service requirement. If you return to covered employment sooner than 15 consecutive calendar days after retirement, your retirement annuity will be suspended while you remain employed by a covered employer. A severance from employment is required at the end of the TERI program before a member may return to covered employment.
If you work 48 continuous months for a covered employer with an annual salary of at least 75 percent of the AFC used to calculate your retirement annuity, you may elect to rejoin SCRS. If you rejoin, you may repay your retirement annuity and purchase service credit for that 48-month period by making a payment equal to the amount you would have contributed plus the interest your contributions would have accrued if you had been an active member for months during the 48-month period you did not make contributions as a retiree.
For months that you made contributions as a retiree during the 48-month period, you would only be required to pay back the retirement benefits received to purchase this time if you wish to purchase this period of time. Your subsequent retirement annuity will be computed as if you are retiring for the first time. Your TERI period does not count toward the 48 months and cannot be purchased as service credit if you rejoin the Retirement Systems.
TERI participants and retired contributing members are eligible for an increased group life insurance benefit of payment equal to their annual salary in lieu of the standard $2,000, $4,000 or $6,000 retired member benefit.
SCRS Disability Retiree
Disability retirees should report earnings from any gainful employment to the Retirement Systems annually. There is an earnings limitation for all public and private employment which is applied on a calendar-year basis. You may earn the difference between your adjusted average final compensation (AFC) at retirement and your disability retirement annuity without affecting your retirement benefits. Your AFC is the total of your highest 12 consecutive quarters of earnable compensation (Jan.-Mar., Apr.-Jun., Jul.-Sep., Oct.-Dec.) divided by three.
AFC at retirement (adjusted for inflation)
Annual disability retirement annuity
Disability retiree can earn difference
(for the calendar year)
Your AFC may be adjusted each year for inflation for earnings limitation purposes only. This increase generally matches the percentage increase of the CPI, but can be up to a maximum of 10 percent. These adjustments affect the amount you can earn while receiving a disability retirement annuity; however, they do not affect the amount of your benefit.
If you earn more than your adjusted AFC, your monthly annuity will be reduced or possibly canceled. If you return to work with an employer covered by the Retirement Systems and your salary is equal to or greater than your adjusted AFC, your disability retirement annuity ceases and you must become an active member of the system.
At age 65 (SCRS) or age 55 (PORS), there is no longer an earnings limitation.