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.
We’ll be in touch
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).
Visit our website to
learn more about Inflation Protection or the Retired Member Statement and Pension
Confirmation process.
