(1)A retiree is eligible for employment with only one position for only one participating employer under phased retirement following the retiree's retirement date if:
(1)(a) the retiree:
(1)(a)(i) is eligible to retire and retires in accordance with this title;
(1)(a)(ii) has been employed full time, for not less than four years immediately before the retiree's retirement date;
(1)(a)(iii) is, at the time of retirement, at least:
(1)(a)(iii)(A) 50 years old, if the retiree is employed as a public safety service employee or a firefighter service employee; or
(1)(a)(iii)(B) 55 years old;
(1)(a)(iv) completes and submits all required retirement forms to the office; and
(1)(a)(v) prior to the retiree's retirement date, completes and submits all required phased retirement forms to the office
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(1) A retiree is eligible for employment with only one position for only one participating employer under phased retirement following the retiree's retirement date if:
(1)(a) the retiree:
(1)(a)(i) is eligible to retire and retires in accordance with this title;
(1)(a)(ii) has been employed full time, for not less than four years immediately before the retiree's retirement date;
(1)(a)(iii) is, at the time of retirement, at least:
(1)(a)(iii)(A) 50 years old, if the retiree is employed as a public safety service employee or a firefighter service employee; or
(1)(a)(iii)(B) 55 years old;
(1)(a)(iv) completes and submits all required retirement forms to the office; and
(1)(a)(v) prior to the retiree's retirement date, completes and submits all required phased retirement forms to the office; and
(1)(b) the retiree and the participating employer enter into an agreement described under Section 49-11-1304.
(2) A retiree shall begin phased retirement employment after the retiree's retirement date but no later than 120 days after the retiree's retirement date.
(3) Except as provided in Subsection (4), for the period of the phased retirement:
(3)(a) the retiree receives 50% of the retiree's monthly allowance;
(3)(b) the participating employer employs the retiree on a half-time basis;
(3)(c) a participating employer that employs the retiree shall contribute the amortization rate to the office;
(3)(d) the retiree or an alternate payee may not receive an annual cost-of-living adjustment to the retiree's or alternate payee's allowance;
(3)(e) any death benefits payable to a surviving spouse or other beneficiary shall be paid based on 100% of the retiree's retirement allowance;
(3)(f) the retiree may not receive any employer provided retirement benefits, service credit accruals, or any retirement related contributions from the participating employer; and
(3)(g) except as specified under this section, a retiree working under phased retirement shall be treated in the same manner as any other part-time employee working a similar position and number of hours with the participating employer, including:
(3)(g)(i) any non-retirement related benefits;
(3)(g)(ii) leave benefits;
(3)(g)(iii) medical benefits; and
(3)(g)(iv) other benefits.
(4) (4)(a) If a retiree is employed as a public safety service employee or a firefighter service employee, for the period of the phased retirement the requirements of Subsection (3) or (4)(b) are satisfied.
(4)(b) For the period of the phased retirement:
(4)(b)(i) the retiree is employed as a public safety service employee or a firefighter service employee;
(4)(b)(ii) the retiree receives 25% of the retiree's monthly allowance;
(4)(b)(iii) the participating employer employs the retiree on a three-quarter time basis;
(4)(b)(iv) a participating employer that employs the retiree shall contribute to the office the certified contribution rate applicable to the system that would have covered the retiree if the retiree's part-time position were considered to be an eligible, full-time position within the system;
(4)(b)(v) the retiree or an alternate payee may not receive an annual cost-of-living adjustment to the retiree's or alternate payee's allowance;
(4)(b)(vi) any death benefits payable to a surviving spouse or other beneficiary shall be paid based on 100% of the retiree's retirement allowance;
(4)(b)(vii) the retiree may not receive any employer provided retirement benefits, service credit accruals, or any retirement related contributions from the participating employer; and
(4)(b)(viii) except as specified under this section, a retiree working under phased retirement shall be treated in the same manner as any other part-time employee working a similar position and number of hours with the participating employer, including:
(4)(b)(viii)(A) any non-retirement related benefits;
(4)(b)(viii)(B) leave benefits;
(4)(b)(viii)(C) medical benefits; and
(4)(b)(viii)(D) other benefits.
(5) The office shall begin paying 100% of the retiree's retirement allowance on the first day of the month following the month in which the office receives written notification and any required supporting documentation that the retiree's phased retirement has been irrevocably terminated.