eturning to Work after Retirement
Return-to-work rules for SCRS (South Carolina Retirement System) members changed January 2, 2013. To return to work after you retire, you must first have a complete, bona fide severance or termination of employment. After 30 days of retirement, you may be hired by an employer covered by one of the retirement systems administered by PEBA. For Class Two members, the TERI period counts toward the 30-day break requirement. If you return to covered employment sooner than 30 consecutive calendar days after retirement, your monthly 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 receive his accumulated benefits or return to covered employment.
If you retire before you reach age 62 and return to covered employment, you will be subject to a $10,000 per year earnings limitation. This means you can earn up to $10,000 per year from covered employment and continue to receive your retirement annuity. If you continue covered employment and earn more than $10,000 in a calendar year, your monthly annuity will be suspended for the remainder of that year. The $10,000 earnings limitation applies regardless of your age when you return to covered employment. For example, you are an SCRS member who retires at age 58 with 30 years of service, and returns to work when you are 63 years old. You would still be subject to the $10,000 earnings limitation since you retired before you reached age 62. If you continue to work after earning $10,000 in a calendar year, your monthly annuity will be suspended for the remainder of that year.The $10,000 earnings limitation from covered employment does not apply to members who retired prior to January 2, 2013, or members who retire after age 62 (SCRS) or 57 (PORS). In addition, the limitation does not apply to a retired member who receives compensation for service as an elected official, service as an appointee of the Governor with confirmation by the South Carolina Senate, or service by appointment or election by the General Assembly. For additional information, go to the SCRS website by clicking here http://retirement.sc.gov/retired/returning.htm.
Information for TERI Participants
You may print your TERI statement by logging into Member Access and selecting the TERI Statement link. You can also receive a copy via mail by contacting the Customer Services department.