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 retirement age set by the Social Security Administration (SSA).
The 2014 earnings limitation applies as follows:
- If an OPERS retiree will remain below the SSA full retirement age for the entire 2014 calendar year, his/her federal earnings limit is $15,480.
- If an OPERS retiree will reach their SSA full retirement age in 2014, his/her earnings limit is $41,400 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.
For more information about the earnings limit and rules for going back to work, click here.
Wed, November 27, 2013
by Stephanie White