Sec. 5-162d. Tier I cost of living allowance for members retiring on or after July 1, 1975.
Sec. 5-162d. Tier I cost of living allowance for members retiring on or after
July 1, 1975. (a) Each employee retiring on or after July 1, 1975, and prior to the effective
date of the next collective bargaining agreement following July 1, 1978, which applies
to such employee and the spouse of any such deceased employee who had elected the
husband and wife retirement income option, shall be eligible for an annual five per
cent cost of living allowance commencing on the first anniversary date following the
completion of nine months in retirement. If on any subsequent applicable anniversary
date, the Retirement Commission determines that the National Consumer Price Index
for urban wage earners and clerical workers for the previous twelve-month period has
increased less than the cost of living allowance provided by this subsection, the cost of
living allowance provided by this subsection shall be adjusted to reflect the change in
such index provided such cost of living allowance shall not be less than three per cent.
(b) Each employee retiring on or after the effective date of the next collective bargaining agreement following July 1, 1978, which applies to such employee, and the
spouse or contingent annuitant of any such deceased employee who had elected an
optional form of retirement income, shall be eligible for an annual three per cent cost
of living allowance commencing on the first anniversary date following the completion
of nine months in retirement and any additional cost of living allowance which may be
obtained under the terms of a collective bargaining agreement.
(c) Each employee who is not included in any collective bargaining unit and who
retires after July 1, 1980, and the spouse or contingent annuitant of any such deceased
employee who had elected an optional form of retirement income, shall be eligible for
an annual three per cent cost of living allowance commencing on the first anniversary
date following the completion of nine months in retirement. Cost of living allowances
provided under subsections (a), (b), and (c) of this section shall be computed on the basis
of the retirement allowance to which the employee was entitled on the day preceding his
latest anniversary date. Anniversary date means the first day of January or the first day
of July following completion of nine months after the effective date of retirement.
(d) Each spouse or contingent annuitant of a deceased member who is receiving
income under section 5-165 or section 5-165a shall be eligible for an annual three per
cent cost of living allowance unless the spouse or contingent annuitant is receiving a
six per cent cost of living allowance as provided in section 5-162h.
(1969, P.A. 661, S. 9; P.A. 73-534, S. 2, 4; P.A. 75-421, S. 2, 5; P.A. 78-228, S. 2, 8; P.A. 79-631, S. 27, 111; P.A. 80-129, S. 1, 2; P.A. 83-533, S. 46, 54.)
History: P.A. 73-534 changed eligibility for cost-of-living allowances to date of retirement, omitting 36-month waiting
period and requirement that allowances commence on July first in the first-succeeding odd-numbered year, effective July
1, 1974; P.A. 75-421 made provisions of section applicable to retirements on or after July 1, 1975, changed eligibility to
January first or July first after 9 months of retirement and specified rate to be 3% annually; P.A. 78-228 added qualifier
concerning retirements before collective bargaining agreements which might exist after July 1, 1978, raised rate to 5%
annually, made cost-of-living allowance subject to adjustment according to Consumer Price Index and added Subsec. (b)
concerning retirements subject to collective bargaining agreements after July 1, 1978; P.A. 79-631 made technical changes;
P.A. 80-129 added Subsec. (c) concerning cost-of-living allowances for retirees not covered by collective bargaining; P.A.
83-533 amended section to include reference to contingent annuitants and added Subsec. (d).