Retirement
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Important information concerning misinformation shared out of TUSD’s Human Resources Office by the Chief Personnel Officer:
Mr. Hernandez does not appear to be providing accurate information about the 2% annual benefit adjustment (he made erroneous claims that a person could skip the year’s wait time). Here is the information straight from the CalSTRS booklet for newly retired members:
Annual benefit adjustment
You’ll receive an automatic benefit increase equal to 2% of your initial benefit beginning September 1 after the first anniversary of your retirement. Your retirement date must be before September 1 to receive the annual benefit adjustment on September 1 of the next year The amount of your adjustment will appear in your October 1 payment. Adjustments are not compounded or tied to changes in the cost of living.
No one receives the 2% COLA until September 1 after their FIRST ANNIVERSARY. So, whenever a member retires, they will not receive the 2% increase until after they have been receiving benefits for at least a year. If a member were to retire on September 2, they would go almost two years before receiving the 2% increase.
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