Needs Review Not Apprvd
2022 Post Retirement Pension Adjustment
The 2022 automatic Post Retirement Pension Adjustment (PRPA) will be paid with the July 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, 2022, and a Teachers’ Retirement System (TRS) retiree under age 60, if retired for eight years on or before July 1, 2022.
In addition to the above requirements, a retiree must have been receiving a benefit in the prior year (2021) to be eligible for the 2022 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, 2022, you will receive 50% (2.532%) of the Consumer Price Index (CPI) change during 2021. Retirees aged 65 or older and all disability benefit recipients receive 75% (3.798%) of the CPI. The PRPA for survivor benefit recipients is calculated on the member’s eligibility.
The CPI for the 2022 PRPA is 5.065%.
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 2022. The ad hoc PRPA is defined in statute as, “…based on the financial condition of the retirement funds.”
- This example shows a retiree who is receiving a benefit from the 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.
- Prior PRPAs: The combined monthly amount of all PRPAs paid from the date you retired through June 30, 2022.
- 2022 Automatic PRPA: This is effective July 1, 2022, based on the change in consumer price index (CPI).
Example of monthly statement:
|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 2018 AUTOMATIC PRPA||$XX.XX||TRS OPTIONAL LIFE INSUR||$XX.XX|
|TRS LONG TERM CARE - RET||$XX.XX|