Post Retirement Pension Adjustment (PRPA)
- Automatic Post Retirement Pension Adjustment (Automatic PRPA)
- Example of Monthly Benefits Summary for Retiree who Receives an Automatic PRPA
- Ad Hoc Post Retirement Pension Adjustment (Ad Hoc PRPA)
Post Retirement Pension AdjustmentWill be Paid with July 2015 Check
The 2015 automatic Post Retirement Pension Adjustment (PRPA) will be paid with the July 2015 check.
The automatic PRPA is payable to a Teachers' Retirement System (TRS) retiree under age 60 if retired for eight years or more on or before July 1, 2015
The automatic PRPA is payable to a Public Employees' Retirement System (PERS) retiree under age 60, if retired for five years or more on or before July 1, 2015.
In addition to the above requirements, a retiree must have been receiving a benefit in the prior year (2014) to be eligible for the 2015 PRPA. Eligible recipients, who have not received pension benefits during the entire preceding calendar year, will receive a prorated PRPA.
If you meet these requirements or are age 60 to 64 on July 1, 2015, you will receive 50% (0.861%) of the Consumer Price Index (CPI) change during 2014.
Retirees age 65 or older and all disability benefit recipients receive 75% (1.292%) of the CPI. The PRPA for survivor benefit recipients is calculated on the member's eligibility.
The CPI for the 2015 PRPA is 1.723%.
If you do not meet any of the above criteria, you are not eligible.
Example of Monthly Stament
- This example shows a retiree who is receiving a benefit from TRS or PERS.
- Your statement will show more than one benefit if you worked for both retirement systems or if you are also receiving a survivor's benefit.
|TRS ORIGINAL BASE||$XX.XX||TRS FED INCOME WITHHOLD||$XX.XX|
|1)||TRS PRIOR PRPAS||$XX.XX||TRS DENTAL, VISION, AUDIO||$XX.XX|
|2)||TRS 2015 AUTOMATIC PRPA||$XX.XX||TRS OPTIONAL LIFE INSUR||$XX.XX|
|TRS LONG TERM CARE - RET||$XX.XX|
- Prior PRPAs: The combined monthly amount of all PRPAs paid from the date you retired through June 30, 2015.
- 2015 Automatic PRPA: This is effective July 1, 2015, based on the change in consumer price index (CPI).
Ad Hoc PRPA
Due to fund conditions, the Division did not recommend an ad hoc PRPA for 2015. The ad hoc PRPA is defined in statute as, "…based on the financial condition of the retirement funds."