Annual Pension Increases
Annual increases begin whichever January first below is later:
- The January following your 60th birthday
- The January after you have received one year of benefit payments
Each January 1 increase will be calculated on your original benefit amount, and will be the lower of:
- 3%
- One-half of the increase in the Consumer Price Index (urban) for the preceding year of the original amount. If the CPI decreases or is zero, no increase is paid.
2023 Increase
Your 2023 increase will be 3.00%, and is effective January 1, 2023.
Did you know?
The amount of your annual increase is set by the Illinois Pension Code and is not affected by investment performance.