Post-Retirement Benefit Adjustment
Benefit Payment Information 7/2/2019

Post

Post-Retirement Benefit Adjustments

During the Annual Board meetings on April 18, 2019, the Boards of Trustees for the Employees’ Retirement System (ERS), the Legislative Retirement System (LRS), the Judicial Retirement System (JRS), and the Public School Employees Retirement System (PSERS) considered whether to grant post-retirement benefit adjustments to retirees and beneficiaries in fiscal year 2020.  Actions taken by the Boards are as follows:

ERS

APPROVED: Two 3% one-time, non-compounded payments for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit, with the following stipulations:

  • non-disability retirees must be at least 45 years of age or older
  • disability retirees have no age restrictions
  • not available to GSEPS retirees with a membership date on or after 7/1/2009 (this group is specifically excluded by statute from receiving post retirement adjustment payments)
  • Early Retirement Exception – Post retirement adjustment eligibility is based on attaining age 60, or the date 30 years would have been attained if continuous employment had continued, whichever is earlier

First payment will be paid during the first week of August 2019 for eligible retirees with a retirement effective date on or before 12/1/2018 and a pension benefit in July 2019.

Second payment will be paid during the first week of February 2020 for eligible retirees with a retirement effective date on or before 6/1/2019 and a pension benefit in January 2020.

LRS

APPROVED: Two 3% one-time, non-compounded payments for retirees and beneficiaries, with the following stipulations:

  • non-disability retirees must be at least 45 years of age or older
  • disability retirees have no age restrictions
  • not available to retirees with a membership date on or after 7/1/2009 (this group is specifically excluded by statute from receiving post retirement adjustment payments)

First payment will be paid during the first week of August 2019 for eligible retirees with a retirement effective date on or before 12/1/2018 and a pension benefit in July 2019.

Second payment will be paid during the first week of February 2020 for eligible retirees with a retirement effective date on or before 6/1/2019 and a pension benefit in January 2020.

JRS

APPROVED: Two 3% one-time, non-compounded payments for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit, with the following stipulations:

  • non-disability retirees must be at least 45 years of age or older
  • disability retirees have no age restrictions
  • not available to retirees with a membership date on or after 7/1/2009 (this group is specifically excluded by statute from receiving post retirement adjustment payments)

First payment will be paid during the first week of August 2019 for eligible retirees with a retirement effective date on or before 12/1/2018 and a pension benefit in July 2019.

Second payment will be paid during the first week of February 2020 for eligible retirees with a retirement effective date on or before 6/1/2019 and a pension benefit in January 2020.

PSERS

APPROVED:  A 3% monthly cost of living adjustment (COLA) for retirees and beneficiaries.  The COLA will be paid as a 1.5% increase as of July 1, 2019 and 1.5% increase as of January 1, 2020 with the following stipulations:

  • must have a retirement effective date on or before 12/1/2018 for the July 2019 COLA, and
  • must have a retirement effective date on or before 6/1/2019 for the January 2020 COLA, and
  • non-disability retirees must be at least 45 years of age or older
  • disability retirees have no age restrictions