Pursuant to A.R.S. §38-856, all eligible PSPRS retirees and survivors with a membership date prior to July 20, 2011 may be entitled to receive a one-time lump-sum pension benefit increase (PBI) adjustment and a change to the retirees base benefit for fiscal years 2013/14 and 2014/15, as applicable/eligible, as a result of litigation decided by the Arizona Supreme Court and as determined by our actuary. However, since the PSPRS membership is considerably larger than our other Plans, it may take some time for the final calculations to be completed, but once we have the final numbers, we will update our website and will also notify the eligible retirees by email or mail of the adjustment details. We appreciate your patience in this process.
Additionally, PSPRS retirees should be aware that the 2016 voter approval of Proposition 124 replaces the PBI with increases based on the consumer price index (CPI) for the metropolitan Phoenix-Mesa area for the calendar year ending prior to each July payout and, depending on the result of the CPI, this change would be effective July 1, 2018. For more information about the CPI, please visit the PSPRS Increases section on our website. For additional benefit information, retirees may view their Members Only account.