Reinstatement and MR
Storyboard Text
- Separation-from-service requirement: 180 daysPost-retirement earnings limit - 22/23: $49,746Volunteering during retirement limitations
- JURASSIC UNIVERSE
- REINSTATEMENT CONSIDERATIONSDisability and survivor benefits: must earn a year of SCRetirement incentive if applicable will be lost upon reinstatementPreretirement election of an option: not eligible until one year has elapsed since date of reinstatement (if retired w/ option, that option becomes preretirement election upon reinstatement)Coverage A/B: Most members keep same coverage; if retired on/after 01/01/96 w/ A, remain on A; if retired before 01/01/96 w/ A, coverage BHealth premium deductionsMedicare premium deductions
- BENEFIT CALCULATION AFTER REINSTATEMENTReinstate for fewer than 2 years - new benefit will be equal to the sum of both:1) An amount equal to the monthly benefit you were eligible to receive immediately before reinstatement, increased by the 2% annual benefit adjustment that would have been applied to the benefit if you had not reinstatedPLUS2) An amount based on SC earned since last reinstatement, your age at subsequent retirement, and your final comp
- BENEFIT CALCULATION AFTER REINSTATEMENTReinstate for 2 years or more - new monthly benefit will be equal to the sum of:1) An amount based on the SC earned before last retirement, an adjusted age factor and your highest final compensationPLUS2) An amount based on the SC earned since last reinstatement, your age at the subsequent retirement and your highest final compensation
- Jay first retired four years ago at age 57 with 25 years of service credit. At age 59, he reinstated and worked an additional two years. He retired again at age 61. His benefit will be calculated as follows:25 years SC x 1.880% adjusted age factor (2.133% at age 61 minus two years of service retirement) x $6000 new final compensation = $2820Plus:2 years SC x 2.133% age factor x $6000 final compensation = $255.96His new monthly benefit: $2820 + $255.96 = $3075.96
Over 30 Million Storyboards Created