PSPRS Retroactive Increase Adjustment
Eligible retirees to receive details of payments
On approximately January 19, 2018, all eligible* PSPRS retirees and survivors with a membership date prior to July 20, 2011 will receive a Permanent Benefit Increase (PBI) adjustment of $16.63 each month retroactive to July 1, 2013 and an adjustment of $39.71 each month retroactive to July 1, 2014, as applicable, as a result of litigation decided by the Arizona Supreme Court and as determined by our actuary.
The eligible retirees will receive an email or letter detailing the payment and adjustment(s); please note that the deposit or check represents the net amount of the payment, less federal and state taxes based on the retiree’s current tax withholding elections.
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.
*For information in regard to eligibility requirements, please visit the PSPRS Increases section on our website.