Q - Does an employer have to reverify the employment eligibility of a worker whose permanent resident card has expired?

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A - According to an INS NOTICE TO EMPLOYERS (Form M-324 - Rev.10-26-89), the answer is NO

The second page of this notice states:

"On August 1, 1989, INS began issuing a revised Resident Alien Card, Form I-551, to new permanent resident aliens.  .  .  . The I-551 is a  List A document . . .  because it establishes both identity and employment eligibility.  The card will also contain an expiration date, making the card valid for 10-years from the date of issuance; the applicant will then be required to obtain a new card.  However, because employment authorization is unlimited for I-551 holders,  there will be no need to update the I-9."   (the entire notice is below)

In addition, the Citizenship and Immigration Services webpage titled "About Form I-9, Employment Eligibility Verification" states:

The terms Resident Alien Card, Permanent Resident Card, Alien Registration Receipt Card, and Form I-551 all refer to documentation issued to an alien who has been granted permanent residence in the U.S.. Once granted, this status is permanent. However, the document that an alien carries as proof of this status may expire. Starting with the “pink” version of the Resident Alien Card (the “white” version does not bear an expiration date), and including the new technology Permanent Resident Cards, these documents are valid for either two years (conditional residents) or ten years (permanent residents). When these cards expire, the alien cardholders must obtain new cards. An expired card cannot be used to satisfy Form I-9 requirements for new employment. Expiration dates do not affect current employment, since employers are neither required nor permitted to re-verify the employment authorization of aliens who have presented one of these cards to satisfy I-9 requirements (this is true for conditional residents as well as permanent residents). Note: Even if unexpired, “green cards” must appear genuine and establish identity of the cardholder.

(Emphasis added)
USDOJ INS Notice to Employers