49-19-404 - Annual cost-of-living adjustment.
49-19-404. Annual cost-of-living adjustment.
(1) The office shall make an annual cost-of-living adjustment to:
(a) an original allowance paid under Section 49-19-402 and Part 5, Death Benefit, of thischapter if the benefit has been paid for at least one year;
(b) an original payment made to an alternate payee under a domestic relations order, ifthe payment is to be paid as a percentage of the allowance rather than a specific dollar amount;and
(c) the base retirement amount for governors and legislators under Section 49-19-402.
(2) (a) The original allowance shall be increased by the annual increase in the ConsumerPrice Index 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 increase in the Consumer Price Index is less than4%.
(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.
Enacted by Chapter 250, 2002 General Session