Saturday, September 23, 2023

DRS News

Change of address fraud on the rise

From the Department of Retirement Systems: A major increase in change of address fraud has caught the attention of the United States Postal Service (USPS) and federal lawmakers. Data shows that change of address fraud and other types of identity theft numbers are up 167% from 2021-2022. The US Postal Inspector’s office states that seniors are the most likely targets and lawmakers …

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Income letter verification available in online account

From DRS: Life events often require retirees to verify their monthly retirement income. These events may include: Home mortgage or refinance application Estate planning Senior housing If you need to verify your DRS benefit, you can get a monthly pension verification letter at any time through your online account. Here’s how: Log into your online account Select Benefit Summary from the menu Under Retirement …

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

from the Department of Retirement Systems: Posted on May 4, 2023 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. This is the result of legislation approved in 2023. Under the law, eligible PERS …

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COLA vs benefit indexing

from the Department of Retirement Systems: Posted on May 9, 2023 As a retiree, it’s important to know how your pension works. There are certain rules in place that allow your pension to grow over time with the cost of inflation. Two pension features we often get questions about are cost-of-living adjustments (COLAs) and benefit indexing. All Plan 2 and …

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