PERS 1, TRS 1 one-time benefit increase takes effect in July

As a result of legislation approved earlier this year, certain retirees in Plan 1 of the Public Employees’ Retirement System and Plan 1 of the Teachers’ Retirement System (PERS 1 and TRS 1) will receive a one-time benefit increase in July of this year.

Under the law, eligible PERS 1 and TRS 1 retirees will receive a one-time, permanent 3% increase in their monthly benefit, not to exceed $62.50 per month. The increase applies to PERS 1 and TRS 1 retirees receiving a monthly benefit on or before July 1, 2019. The adjustment does not apply to…