Automatic Post Retirement Pension Adjustment (PRPA)
The 2013 Automatic Post Retirement Pension Adjustment (PRPA) is being paid with the July 2013 check.
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, 2013
- A Teachers’ Retirement System (TRS) retiree under age 60, if retired for eight years or more on or before July 1, 2013
In addition to the above requirements, a retiree must have been receiving a benefit in the prior year (2012) to be eligible for the 2013 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 60-64 on July 1, 2013, you will receive 50% (1.008%) of the Consumer Price Index (CPI) change during 2012. Retirees age 65 or older and all disability benefit recipients receive 75% (1.513%) of the increase in the CPI. The PRPA for survivor benefit recipients is calculated based on the member’s eligibility.
The increase in CPI for the 2013 PRPA is 2.017%.
If you do not meet any of the above criteria, you are not eligible.
Due to fund conditions, the Division did not recommend an ad hoc PRPA for 2013. The ad hoc PRPA is defined in statute as, "…based on the financial condition of the retirement funds."