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Phased Retirement Option - Public Employees Retirement Association o... http://www.mnpera.org/index.asp?Type=B_BASIC&SEC={83D786D0-... <br />expiration date mean that I can really only work under a PRO prior to that date? <br />A: No. The law allows for anyone already working under the terms of a PRO Agreement before <br />June 30, 2019 to continue for up to the allowable five years. <br />21. Q: Why does the provision expire on June 30, 2019? <br />A: The PERA Board wanted a chance to make sure there is no adverse impact on the funding of <br />the plan by the phased retirement option. The Board's actuarial consultants have indicated <br />that there should be no negative impact on the plan, but the Board wants to review actual <br />experience before making this provision a permanent part of PERA's benefit structure. <br />Originally scheduled to expire in 2014, the program was extended an additional five years to <br />allow more time for evaluation. <br />22.Q: If I am in a part-time position now, am I eligible for a PRO Agreement? <br />A: Yes, provided you are offered a PRO from your employer and you have worked at least 1,044 <br />hours per year for the past 5 years. Also, you must reduce your hours by at least 25% when <br />compared to the hours you are working now, immediately before entering a PRO Agreement, <br />and you cannot work more than 1,044 total hours annually. <br />23.Q: Can I work full-time for a certain period and then not work at all for the remainder of a year <br />covered by a PRO Agreement? <br />A: No. You must reduce your regularly scheduled hours of work by at least 25%. If you were <br />scheduled to work 80 hours per pay period prior to the PRO, you may not work more than 60 <br />hours in any pay period covered by the PRO, and you may not work more than 1,044 total <br />hours for the year. <br />24.Q: Does the PRO Agreement have to cover 12 consecutive months or can the agreement cover <br />more than one calendar year? <br />A: PRO Agreements may only cover 12 consecutive calendar months from the date you <br />terminate PERA membership for the purpose of entering the PRO Agreement. The <br />agreement may be renewed at the end of those 12 months if you and your employer agree to <br />do so. <br />25.Q: Can I work in a PERA-covered position at the end of the PRO Agreement? <br />A: Yes. You may return to work with the same employer at the end of the PRO Agreement. <br />However, you will have to have a 30-day separation from the employment for which you had <br />the PRO Agreement and must not have an agreement to return to employment with that <br />employer prior to the end of the agreement. If you are under Social Security's full retirement <br />age, you would also be subject to PERA's reemployed retiree earnings limit. <br />26.Q: If I have already reached my normal retirement age (age 65 to 66, depending on your <br />birthday), can I still enter a PRO Agreement? <br />A: Yes, provided your employer offers you a PRO Agreement and you meet the other eligibility <br />criteria (see requirements above). <br />5 of 6 5/17/17, 4:23 PM <br />