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 (SSB 6340), eligible PERS 1 and TRS 1 retirees will receive a one-time, permanent 1.5% increase in their monthly benefit, to a maximum of $62.50 per month. The increase applies to PERS 1 and TRS 1 retirees receiving a monthly benefit on or before July 1, 2017. The adjustment does not apply to retirees who already qualify for an annual increase in 2018 through one of the existing minimum benefit provisions provided by the plans.
The law takes effect July 1, 2018; the one-time increase will be reflected in retirement benefits paid at the end of July. For more information, check out the Frequently Asked Questions below or contact DRS.