Returning to work

If you rejoin the PSS, your preserved benefit ceases to apply and you will be given a credit in your new period of membership for that benefit.

The credit you receive is a preserved multiple that is added to the benefit multiple you accrue during your new period of membership. The preserved multiple is calculated by dividing the value of your preserved benefit at the date you rejoin the PSS by your starting salary.

The preserved multiple then grows with increases in your Final Average Salary applicable to your new period of membership.

Note that where there have been significant salary increases since rejoining the PSS, your preserved multiple may be determined at a later date than the date you rejoined. Also, if you rejoined before 1 July 1995 your preserved multiple would have been calculated one year after the date you rejoined.

EXAMPLE

Jeff was a member of the PSS from 1 October 2000 until 30 September 2002. When he ceased that membership, his Final Average Salary was $75,000 and his Accrued Benefit Multiple was 0.52. His final benefit was therefore $39,000, which he preserved in the PSS.

Jeff rejoined the PSS on 1 April 2003 on a commencing salary of $98,000. His preserved benefit had grown to $39,600.

When Jeff ceased his second period of membership, his FAS had grown to $102,000. The preserved multiple increased his final benefit by $41,218.