Tier 1 Annual Pension Increases
Your pension is increased by 3% of your original pension amount on January 1 of each year. You can find the amount of your increase on your Certificate of Benefits or in your Annual Statement of Benefits that you receive every November.
Your annual increase amount does not change. The amount is always 3% of your original pension amount, not 3% of your current pension payment. For example:
| $500.00 monthly pension effective January 1, 2015 | |
|---|---|
| Monthly amount in 2015 | $500.00 |
| Annual increase amount is calculated (3% of original pension amount) |
$500.00 x 3% = $15.00 |
| Every future annual increase will be $15.00 | |
| Year | Monthly Amount |
| 2016 | $515.00 |
| 2017 | $530.00 |
| 2018 | $545.00 |
| 2019 | $560.00 |
| 2020 | $575.00 |
Did you know?
The amount of your annual increase is set by the Illinois Pension Code and is not affected by investment performance.
You can view your Certificate of Benefits in your Member Access account.