19-9-1302. Reemployment of retired members -- contributions required. (1) A retired member who is receiving a service retirement benefit or early retirement benefit may return to employment covered by the retirement system on or after July 1, 2017, for a period not to exceed 480 hours in any calendar year without returning to active service. The retirement benefit of a retired member in covered employment must be reduced by $1 for each $3 earned in excess of $5,000 in a calendar year.

(2) If a retired member returns to employment covered by the retirement system on or after July 1, 2017, for more than 480 hours in a calendar year, the member returns to active service and the member's retirement benefit payments must cease until the member again terminates employment and retires.

(3) For each retired member who returns to covered employment pursuant to subsection (1), the employer shall contribute the amount specified in 19-9-703 and the state shall contribute the amount specified in 19-9-702.

(4) The earned compensation of retired members who return to active service pursuant to subsection (2) is subject to the state, employer, and employee contributions set forth in 19-9-702, 19-9-703, and 19-9-710.