OPERS retirees may return to work after they retire and continue to receive their retirement benefits. However, OPERS retirees may be subject to a federal earnings limitation. The federal limitation applies only to OPERS retirees who return to work for an OPERS participating employer, and are younger than full, normal retirement age set by the Social Security Administration (SSA).
The 2008 earnings limitation is applied in the following manner:
* If an OPERS retiree will remain below the SSA full retirement age for the entire 2008 calendar year, their federal earnings limit is $13,560.
* If an OPERS retiree will reach SSA full retirement age in 2008, their earnings limit is $36,120 up to the date they reach full retirement age.
When a retiree’s salary exceeds the allowable amount, benefits will not be paid for the remainder of that calendar year or until employment terminates, should termination occur before the end of the calendar year. The retiree will begin receiving benefits again in January of the following calendar year. Just as before, the benefits will continue until their salary meets the allowed earnings for that year.
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Posted on Fri, November 2, 2007