19-9-1301. Reemployment of members. (1) If a retired member with less than 20 years of service in the retirement system who is at least 50 years of age returns to employment covered by the retirement system before July 1, 2017, on reemployment:
(a) the member's retirement benefit payments must cease;
(b) the member becomes a vested active member;
(c) the member shall repay the retirement system the amount of any retirement benefit received, plus interest at the actuarially assumed rate of return on the system's investments; and
(d) on subsequent retirement, the member's retirement benefit must be calculated based on the member's total service under the system.
(2) If a retired member with 20 or more years of service returns to employment covered by the retirement system before July 1, 2017, on reemployment:
(a) the member's retirement benefit payments must cease;
(b) the member becomes a vested active member;
(c) on subsequent retirement, the member's retirement benefit payable prior to the reemployment must resume; and
(d) the member is entitled to an additional new retirement benefit that is calculated based on the member's new service credit earned and final average compensation after the reemployment.
(3) If a member who is not a retired member returns to employment covered by the retirement system, on reemployment, the member becomes an active member and continues to accrue membership service or service credit as if there had been no break in service.
History: En. Sec. 1, Ch. 217, L. 2015; amd. Sec. 31, Ch. 195, L. 2017.