2023 Annual Benefit Increases
2023 Annual Benefit Increases
PERA benefit recipients will receive the maximum annual benefit increase in January 2023:
Coordinated: 1.5%
Police & Fire: 1.0%
Correctional: 2.5%
MERF and Basic annual benefit increases are the same as Coordinated: 1.5%. Minneapolis Police and Minneapolis Fire increases are the same as Police and Fire: 1.0%.
Annual benefit increases are determined by Minnesota Statutes. The increase percentage for Coordinated and Correctional benefit recipients is tied to the same Consumer Price Index used by the Social Security Administration (SSA) to determine the annual Social Security benefits increase. However, the amounts are subject to caps: 1.5% for Coordinated and 2.5% for Correctional. The increase percentage for Police & Fire benefit recipients is a fixed rate, not currently tied to CPI.
PERA benefit counselors will not be able to provide new benefit amounts at this time. January 2023 benefit payment detail of gross benefit, taxes, and other withholding and net payment will be available for viewing on myPERA beginning December 21st.
New to receiving PERA benefits?
Your first increase will depend on the type of benefit you are receiving, the plan, and the start date. After your first adjustment, all future increases will be the full amount.
For more information, please see the Annual Benefit Increases page.