How a return to state service will affect your retirement benefit.
If you retire under Normal or Early Retirement and subsequently return to State Service, (or to PSERS service as a Multiple Service member), your monthly pension benefits from SERS will stop.
What happens when you retire a second time will depend largely on how long you work after returning to service.
If you return, earn less than three service credits (equivalent to three years of full-time work), and then retire again, you will be entitled to:
Your Frozen Present Value, which was calculated at the time of your return based on the monthly amount you were receiving, your current age and option selection, AND
A separately calculated amount based on your years and Class of Service during your second term of employment.
If you return to service and earn three or more service credits you will be entitled to the better of either:
A pension calculated as described above OR
A pension calculated combining both periods of service. If this method is used, your new benefit will be actuarially reduced for all the benefits you received during your initial period of retirement, plus interest.
In rare circumstances, the benefit you receive when you retire again could be less than the benefit you received during the earlier retirement.
SERS’ Frozen Present Value (SERS-158) pamphlet provides more complete details and is available on this website, select "Publications" in the left-hand navigation, click on "Pamphlets" and scroll to the pamphlet you need. You can also call the SERS hotline at 1-800-633-5461 to have a pamphlet sent to you.
Links to other sections of this statement:
SERS Annuitant Information
Amounts Withheld from Your Monthly Payment
Annuitant Change of Address Form
2013 Retirement Payment Calendar
Considering Returning to Work?