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After You Retire

Discretionary Cost-of-Living Adjustments

Although not required by Plan rules, the CPF Board of Trustees has the discretion to grant a cost-of-living adjustment to retirement benefits when inflation justifies it and the financial condition of the Plan allows for it. To protect the long-term viability of the Plan and the continuity of retirement benefit payments to members and beneficiaries, a cost-of-living adjustment will not be granted unless the Plan is fully funded. As of September 30, 2017, the Plan was not fully funded.

Discretionary Cost-of-Living Adjustments

Returning to Work After Retirement

If you retire and then return to work with a participating employer, your retirement benefits may be suspended, and you may earn an additional benefit under the Plan.

If you are scheduled to work 1,000 hours or more per year with a participating employer, your retirement benefits will be suspended unless you have reached your IRS required beginning date. If you have reached your IRS required beginning date, you will continue to receive your retirement benefits, even though you have returned to work. In either case, you will earn an additional benefit under the Plan.

Upon your subsequent retirement (or “reretirement”), you will receive a retirement benefit that consists of the following:

  • The retirement benefit that you were previously receiving, adjusted for cost-of-living increases, if any, paid in the form of payment that you previously elected; and
  • The retirement benefit that you earned after your return to service, payable in the form of payment that you elect on your subsequent retirement date.

These restrictions on working after retirement apply only if you return to work with a participating employer and are scheduled to work 1,000 hours or more per year with that participating employer. If you are scheduled to work less than 1,000 hours per year with a participating employer, if you return to work with an Episcopal employer that does not participate in the Plan, or if you work outside the Episcopal Church, your retirement benefits will not be impacted.

Returning to Work After Retirement