(1) A retired member who returns to active service pursuant to 19-8-1201(1) and accrues less than 5 years of service credit before again terminating service:
- (a) may not be awarded service credit for the period of reemployment;
- (b) must, upon termination of service and pursuant to 19-2-602, receive a refund of the member's accumulated contributions associated with the service credit accrued upon return to active service; and
- (c) starting the first month following termination of service, must receive the same retirement benefit amount paid to the member in the month immediately prior to returning to active service.
(2) A retired member who returns to active service pursuant to 19-8-1201(1) and accrues at least 5 years of service credit before again terminating service must receive, starting the first month following termination of service:
- (a) the same retirement benefit amount paid to the member in the month immediately prior to returning to active service; and
- (b) a second retirement benefit calculated for the period of reemployment under 19-8-603 and the laws in effect as of the member's rehire date.
(3) Postretirement benefit adjustments will start to accrue as follows:
- (a) for benefits under subsections (1)(c) and (2)(a), an eligible member is entitled to a guaranteed annual benefit adjustment pursuant to 19-8-1105 in January immediately following the member's termination of service or retirement, whichever is applicable;
- (b) for benefits under subsection (2)(b), an eligible member is entitled to a guaranteed annual benefit adjustment pursuant to 19-8-1105 in January after the member has received the second retirement benefit for at least 12 months.
(4) A retired member who returns to active service pursuant to 19-8-1201(1) following retirement:
- (a) is not eligible for a disability retirement; and
- (b) may not accrue the postretirement benefit adjustments provided in part 11 of this chapter during the member's term of reemployment.
History: En. Sec. 27, Ch. 195, L. 2017.