The Earned Income Worksheet is intended for personal use only. It is provided to aid retirees in determining how much they may earn in a calendar year, pursuant to Chapter 32. Retirees should not file this worksheet with their retirement boards or with PERAC. This worksheet does not replace the Annual Statement of Earned Income, which must be completed in its entirety and filed with PERAC by April 15th of each calendar year.
Please note that commas or decimal points should not be entered in the Worksheet. The Worksheet has been programmed to automatically calculate the allowable amounts to be earned, based on the figures that are entered for Regular Compensation and Retirement.
If you exceed your allowable earnings amount, you must refund the excess amount to your retirement system.
The regular compensation (salary) amount must be obtained from your former employer, and the retirement allowance (pension + annuity) must be obtained from your retirement board. PERAC does not have these figures; however, once you obtain them, you may contact Sandra King for assistance at 617-666-4446, ext. 947.
In addition to the compensation limits calculated above, retirees are also limited in public sector post retirement employment by total hours in a calendar year. No retiree is allowed to work in excess of 960 hours, in the aggregate, from all such public sector employment, during a calendar year. Any such employment beyond this hourly limit would be considered excess earnings.