You are not considered retired until we confirm that you have been completely and continuously separated from service with SPPS or SPC for 30 consecutive calendar days.
SPTRFA retirement benefits are paid on the first business day of each month.
SPTRFA encourages retirees to take advantage of the direct deposit program, where retirees’ monthly benefits are electronically deposited into their specified accounts each month. This is a safe, secure, and fast way to receive your monthly benefit. To start direct deposit, fill out a direct deposit form available from the SPTRFA.
The post retirement increase is an annual guaranteed 2% compounding increase. An “excess investment earnings increase” will be paid in addition to the guaranteed 2% increase in years when the SPTRFA’s five year annualized rate of return exceeds 8.5%.
You must have been receiving a benefit for one full year at the end of the SPTRFA’s fiscal year to qualify for the post-retirement increase payable beginning January 1 of each year.