11-25-2013 Council Work Session Packet

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i �� PHASED RETIREMENT: An o tion for Coordinated members a e 62 and over p 9 +. ; If you, as a Coordinated mem- year. However, it may be if they are under Social Security's ber, are age 62 or over, you may renewed for up to an addi- normal retirement age—exceeding be able to ease into retirement tional year. The total period the limits results in a reduction of under something called a Phased of phased retirement may not the PERA pension. The�e restric- Retirement. This option is entirely exceed five years. tions are eliminated und r phased at the discretion of your employer. yyou and your employer (or a retirement. You will receive new PERA-covered em lo er the full PERA pension you have Under legislation passed this , p y � earned, based upon your years ear PERA's normal termination must sign a Phased Retirement Y � of service, age at retirement, and re uirements and earnin s limits Agreement form provided by q g high-five average salary. are waived if you meet the require- PERA. This is used in place ments of the special provision. of PERA's normal Termination In addition, neither y u nor Veri fication form. your employer are requ�ed to Requirements make future contributions to �►To qualify, you must be age 62 PERA. Since you are now receiv- or over and a vested member The benefits of the plan ing a pension, all further accrual of of PERA. You must also have Normally, in order to receive a service credit or adjustment of the worked a minimum of 1,044 pension, members must formally high-five average salary ceases. hours in each of the five years terminate employment and have immediately preceding the offer no prior agreement, either verbal of a phased retirement by your or written, that they will be reem- EI11pI0yeC�5 dISCCet1011 employer or another PERA-cov- ployed at a later date. In addi- ered em lo er. � Your employer is under no obli- P Y tion, there must be a minimum gation to offer you a phased retire- �►You must a ree that our hours 30-day break in public service g y ment or to renew any agreement of work will be reduced by at (paid or unpaid) if a member does that is made. You should also least 25 percent and will not return to work for a PERA-cov- investigate the impact a duction exceed 1,044 hours per year. ered employer. Members who of hours may have on yo r other return to PERA-covered employ- em lo ee benefits. �►The initial phased retirement ment are subject to earnings limits p y agreement cannot exceed one (Continued on reverse side)