Post-Retirement Benefit Adjustment
February 2020 Payment
During the Annual Board meetings on April 18, 2019, the Boards of Trustees for the Employees’ Retirement System (ERS), the Legislative Retirement System (LRS), and the Judicial Retirement System (JRS) considered whether to grant post-retirement benefit adjustments to retirees and beneficiaries in fiscal year 2020. Actions taken by the Boards for February 2020 are as follows:
ERS
APPROVED: A 3% one-time, non-compounded payment 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
The 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: A 3% one-time, non-compounded payment 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)
This 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: A 3% one-time, non-compounded payment 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)
This 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.