(1) A retired member who is receiving a service retirement benefit or early retirement
benefit may return to employment covered by the retirement system for a period not
to exceed 480 hours in any calendar year without returning to active service. The retirement benefit of a retired member in covered employment must be reduced
by $1 for each $3 earned in excess of $5,000 in a calendar year.
(2) If a retired member returns to employment covered by the retirement system for
more than 480 hours in a calendar year, the member returns to active service and the
member's retirement benefit payments must cease until the member again terminates
employment and retires.
(3) For each retired member who returns to work pursuant to subsection (1), the employer
shall contribute the amount specified in 19-13-605 and the state shall contribute the amount specified in 19-13-604.
(4) The earned compensation of retired members who return to active service pursuant
to subsection (2) is subject to the employee, state, and employer contributions set
forth in 19-13-601, 19-13-604, and 19-13-605.
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