The 1.62% increase takes effect January 1, 2019.
This inflation protection increase applies to pensionable service earned after 1991, and is applied to pensions, bridge benefits, and survivor pensions in payment, as well as deferred pensions.
If you retired in 2018, the increase to your pension starting in 2019 will be pro-rated to reflect the months your pension was paid in 2018.
Inflation protection is cumulative. The increases previously applied to your lifetime pension remain a permanent part of your pension, which means the increase in 2019 is added to the previous year’s lifetime pension.
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Look for a letter in the new year showing your pension amount including the 2019 inflation protection increase. Later in the spring, you’ll receive your Retired Member Annual Statement. This important document provides you with a breakdown of your pension amount and any deductions (e.g. for income tax).