Pension Increases

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Pension Equalization Program (PEP)​

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​PEP adjustments are made from COPERS’ investment earnings in excess of 8% over the preceding five-year period; and are made only if adequate funding is available in the Pension Equalization Reserve fund.  PEP adjustments may not exceed the Phoenix Area Consumer Price Index (CPI).  PEP is only applicable to retirees who, as of January 1 of each year, have received at least 36 pension payments.

Adjustments are permanent, therefore they increase your future monthly payments.

The PEP (if any) is paid with your April 1st check, retroactive to January 1st of the year of the adjustment.

View PEP 10 Year History Chart



13th Check​

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Each year, based upon a predetermined formula and investment return, a distribution for each eligible retiree or survivor/beneficiary may be paid as a supplement.

Payment is generally made during December, based on the fiscal year ended June 30th.

The distribution is limited to one-half the increase in the Consumer Price Index (CPI), or 3 percent, whichever is less, times your annualized pension. This rate cannot be less than 1%, provided funds are available in the reserve.

The "13th Check" is prorated if, as of July 1st of the year in question, you are not retired a full year.


View 13th Check 10 Year History Chart