49-17-405 - Annual cost-of-living adjustment.
49-17-405. Annual cost-of-living adjustment.
(1) The office shall make an annual cost-of-living adjustment to:
(a) an allowance paid under Section 49-17-402 and Part 5, Death Benefit, of this chapterif the benefit has been paid for at least one year; and
(b) a payment made to an alternate payee under a domestic relations order, if the paymentis to be paid as a percentage of the allowance rather than a specific dollar amount.
(2) (a) The allowance shall be increased by the annual increase in the Consumer PriceIndex up to a maximum of 4%.
(b) Annual increases in the Consumer Price Index in excess of 4% shall be accumulatedand used in subsequent adjustments when the annual increase in the Consumer Price Index is lessthan 4%.
(3) The Consumer Price Index used in calculating adjustments shall be a United StatesBureau of Labor Statistics Consumer Price Index average as determined by the board.
(4) The cost-of-living adjustment made under this section may not decrease theallowance.
Renumbered and Amended by Chapter 250, 2002 General Session