§ 49-18-403. Annual adjustment.

(1) The office shall make an annual cost-of-living adjustment to:

(a) an allowance paid under Section 49-18-402 and Part 5, Death Benefit, of this chapter if 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 payment is 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 Price Index up to a maximum of 4%.

(b) Annual increases in the Consumer Price Index in excess of 4% shall be accumulated and used in subsequent adjustments when the increase in the Consumer Price Index is less than 4%.

(3) The Consumer Price Index used in calculating adjustments shall be a United States Bureau 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 the allowance.

Renumbered and Amended by Chapter 250, 2002 General Session