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(a) Upon subsequent retirement after a period of reemployment in a PERS covered position, retirement benefits are recalculated under this section for those members who were first enrolled in PERS before July 1, 1977. The recalculation shall combine all periods of employment, and shall use the average of the highest three consecutive year's earnings over the member's entire career. The appropriate percentage specified under AS 39.35.370 (c) are applied to the member's entire credited service for the calculation of the subsequent retirement benefit amount.
(b) The subsequent retirement benefit becomes effective under AS 39.35.370 (e), and the effective date of a subsequent retirement benefit supercedes former retirement effective dates.
(c) On subsequent retirement after a period of reemployment, a member may elect any of the retirement options for which the member qualifies. All future benefits are paid based on that option regardless of the benefit option initially elected on previous retirement segments.
(d) A member who was receiving a reduced early retirement benefit is indebted to the system for benefits received from the date of early retirement through the date of reemployment or through the end of the month in which the member becomes 55 years of age whichever is sooner. The member may elect an actuarial reduction of subsequent benefits to cancel the indebtedness.
(e) If the member had previously selected a level income option (LIO),
(1) for members who returned to work before age 65, an actuarial adjustment shall be made to reduce future benefits paid; the adjustment is the difference of the amount that was paid under the LIO and the amount that would have been paid had the member elected a normal or early retirement benefit;
(2) for members who returned to work after age 65, an actuarial adjustment shall be made to adjust future benefits paid; the adjustment is based on the difference of (X) the amount that was paid before age 65 under the LIO less the amount that would have been paid had the member elected a normal or early retirement benefit and (Y) the amount the member would have been paid from age 65 to the date of reemployment if the member elected a normal or early benefit less the amount the member received during that time.
(f) Interest from the date of the previous retirement through the end of the month preceding the subsequent retirement is added to any indebtedness owed at the time of the previous retirement. Former retirees may make payments on indebtedness before the subsequent retirement effective date or may elect to have the indebtedness cancelled by accepting an actuarially reduced benefit.
(g) PRPA monetary amounts awarded during one or more previous retirement segments are reinstated upon subsequent retirement. The percentages previously granted will not be applied to the new base benefit amount. The subsequent retirement date becomes the beginning date for future PRPAs.
(h) The Alaska cost-of-living allowance (COLA) is based on the recalculated base benefit.
History: Eff. 2/23/2001, Register 159
Authority: AS 39.35.040
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Last modified 7/05/2006