49-23-307 - Defined benefit annual cost-of-living adjustment.
49-23-307. Defined benefit annual cost-of-living adjustment.
(1) The office shall make an annual cost-of-living adjustment to:
(a) an original allowance paid under Section 49-23-305, if the allowance has been paidfor at least one year; and
(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.
(2) (a) The original allowance shall be increased by the annual increase in the ConsumerPrice Index up to a maximum of 2.5%.
(b) Annual increases in the Consumer Price Index in excess of 2.5% shall beaccumulated and used in subsequent adjustments when the annual increase in the ConsumerPrice Index is less than 2.5%.
(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 266, 2010 General Session