Section 19-20-731 - [Effective until 7/1/2027] Postretirement employment limitations - cancellation and recalculation of benefits - reporting obligation of retired member(1)(a) Except as provided in 19-20-732 or as otherwise provided in this section, a retired member may be employed in a position that is reportable to the retirement system and may earn, without an adjustment of retirement benefits, an amount not to exceed the greater of: (i) 49% of the sum of the member's average final compensation; or(ii) 49% of the median of the average final compensation for members retired during the preceding fiscal year as determined by the retirement board.(b) The maximum compensation that a retired member may earn under subsection (1)(a) without an adjustment of retirement benefits includes all amounts paid to or on behalf of the retired member and the value of all benefits provided to or on behalf of the retired member by the employer, including any amounts deferred for payment to a later year, excluding:(i) health insurance premiums directly paid by the employer on the retired member's behalf for health care coverage provided by the employer;(ii) the value of housing provided by the employer to the retired member;(iii) the amount of employment-related travel expenses reimbursed to the retired member by the employer;(iv) de minimis fringe benefits, as defined in 26 U.S.C. 132(e), paid by the employer to or on behalf of the retired member; and(v) payroll taxes paid by the employer on behalf of the retired member.(c) A member applying for a retirement allowance or resumption or recalculation of a retirement allowance based on a termination date of January 1, 2014, or later is required to complete the break-in-service period set forth in 19-20-734 before the retired member may be employed in a position reportable to the retirement system.(2) On July 1 of each year following the member's retirement effective date, the maximum that a retired member may earn under subsection (1)(a)(i) is increased by an amount equal to the consumer price index increase for urban wage earners compiled by the bureau of labor statistics of the United States department of labor or its successor agency in the preceding calendar year.(3) Except as provided in 19-20-732, the retirement benefit of a retired member:(a) employed and earning more than allowed by subsections (1) and (2) must be temporarily reduced by $1 for each dollar earned over the maximum allowed. Monthly benefits must be reduced beginning as soon as practical after the excess earnings have been reported to the retirement system by the employer. The retirement benefit must be suspended if the retired member's earnings over the maximum allowed exceed the gross monthly benefit amount.(b) employed in one or more part-time positions under one or more contracts providing for an aggregate payment of a total amount that is more than the maximum allowed must be suspended effective on the date on which the retired member returns to employment.(4) For purposes of this section, the term "employed in a position that is reportable to the retirement system" includes any work performed or service provided by a retired member to or on behalf of an employer, including but not limited to work performed or service provided through a professional employer arrangement, an employee leasing arrangement, as a temporary service contractor, or as an independent contractor.(5) For purposes of this section, the employment status and maximum compensation of a retired member who is employed in more than one position or under more than one contract, whether with one employer or more than one employer, is the aggregate full-time equivalency and compensation derived from all positions reportable to the retirement system in which the retired member is employed.(6) Within 30 days of the date of the execution of an agreement for the employment of a retired member or of the first date on which the retired member provides services if no agreement is entered into, the retired member shall provide written notice of the postretirement employment to the retirement system.(7) For purposes of this section, if a retired member is employed by an employer in a position that is reportable to the retirement system and the retired member is concurrently working for the employer in another position that is not reportable to the system, the position that is not reportable is considered to be part of the position that is reportable to the retirement system. All earnings of the retired member that are generated by these positions are reportable to the retirement system.(8) The retirement allowance of any retired member who is employed in a position and who elects to participate in the university system retirement program under Title 19, chapter 21, must be suspended until the member is no longer employed in the position and is no longer participating in the university system retirement program. (Terminates June 30, 2027--sec. 6, Ch. 135, L. 2023.)Amended by Laws 2023, Ch. 135,Sec. 1, eff. 7/1/2023, terminating 7/1/2023.Amended by Laws 2013, Ch. 282, Sec. 11, eff. 10/1/2013.Amended by Laws 2013, Ch. 238, Sec. 1, eff. 7/1/2013.En. Sec. 14, Ch. 320, L. 2005; amd. Sec. 16, Ch. 90, L. 2007; amd. Sec. 10, Ch. 305, L. 2007; amd. Sec. 9, Ch. 298, L. 2009; amd. Sec. 14, Ch. 59, L. 2011; amd. Sec. 10, Ch. 151, L. 2011. See Laws 2015, Ch. 189, Sec. 1.This section is set out more than once due to postponed, multiple, or conflicting amendments.