PSPRS retirees and surviving beneficiaries with an effective retirement date on/before July 1, 2017, will receive a 2 percent cost-of-living increase on the gross amount of their July benefit payment. This increase is scheduled to be issued on July 31, 2018. However, retirees and survivors with an effective retirement date on/after August 1, 2017, will receive a prorated increase beginning from the effective date of their benefits. To understand the calculation, please see the table in the Increases section of our website. Please click here to read the entire release on this pension increase.