Effective January 1, 2021, eligible MSRS retirees and other benefit recipients will receive a 1% post-retirement pension benefit increase. Exceptions: Retirees covered under the Correctional Retirement Plan will receive a 1.5% increase. Retired judges will receive a 1.75% increase.
MSRS sent eligible retirees a letter in mid-December to confirm their benefit increase amount for 2021.
The post-retirement benefit increase is established in Minnesota law and occurs each January. The increase is prorated the first year after retirement and is based on the number of full months a retiree was retired during the previous fiscal year, which ends June 30. After the initial prorated increase, the retiree will receive the full benefit increase amount in subsequent years.