Tier 1 and 2 public safety, corrections, and elected officials plan retirees and surviving beneficiaries will receive cost of living adjustments to their benefit in July. These increases will be reflected in the benefit payment scheduled to be distributed July 31, 2024.
For most retirees and beneficiaries, the increase will amount to a 2 percent cost-of-living-adjustment. However, those who retired less than one year ago will receive a prorated increase based on the starting date of their retirement.
Capped at 2 percent annually, retiree and survivor benefit increases are controlled by ballot propositions 124 and 125. Passed in 2016 and 2018, respectively, the measures determine benefit increases through changes to the Consumer Price Index for the Phoenix and Mesa metropolitan-area as published by the U.S. Bureau of Labor Statistics.