RETIREES

If you are a PERS retiree or beneficiary receiving a monthly pension benefit, you will soon see an increase in your benefit payments due to the annual cost-of-living adjustment (COLA).

This year’s COLA will go into effect July 1, 2020, and be included in members’ August 1, 2020 benefit payments.

These adjustments are based on a regional Consumer Price Index (CPI) set by the U.S. Bureau of Labor Statistics for the prior year. The adjustments are limited to a maximum of 2% each year. PERS uses the West Region CPI, which was 2.69% for 2019.

If you retired before October 1, 2013, you will receive the maximum 2% COLA for 2020.

If you earned service credit before and after October 1, 2013, your COLA will be calculated like this:

  • 2% on service credit earned up to October 1, 2013; plus
  • 1.25% on service credit earned after that date. Also, if your annual benefit is more than $60,000, the portion above $60,000 receives a 0.15% COLA for service credit earned after October 1, 2013.

In addition, please note if you are an OPSRP member (hired after August 28, 2003) and your effective retirement date was on or after August 1, 2019, your COLA will be prorated based on the number of months for which you receive a benefit before July 1, 2020.