2024 Annual Benefit Increases

October 13, 2023

PERA benefit recipients will receive the maximum annual benefit increase in January 2024:

Coordinated, Basic, and MERF: 1.5%
Police & Fire, Minneapolis Police, and Minneapolis Fire: 1.0%
Correctional: 2.5%

Annual increases for monthly benefits are determined by Minnesota Statutes. Increases are effective January 1 of each year for eligible benefit recipients.

The increase percentage for Coordinated and Correctional members is tied to the same consumer price index (CPI) used by the Social Security Administration. Coordinated benefit recipients receive 50% of the Social Security increase, but the increase amount is not less than 1.0% or greater than 1.5%. Correctional benefit recipients receive 100% of the Social Security increase, but the increase amount not less than 1.0% or greater than 2.5%. The Police & Fire increase is not currently tied to CPI and is fixed at 1.0%.

Can PERA tell me my new benefit amount?
PERA benefit counselors will not be able to provide new benefit amounts at this time. 2024 benefit amounts, including gross benefit, taxes, other withholding, and net payment will not be available until the end of December. Please log into your myPERA account after December 21 to find this information.

New to receiving PERA benefits?
You may or may not be eligible for an increase January 1. Your first increase will depend on the type of benefit you are receiving, the plan, and your benefit effective date. After your first adjustment, all future increases will be the full amount.

For more information, please see the Annual Benefit Increases page.