87.207. Cost-of-living increase, how determined.
Cost-of-living increase, how determined.
87.207. The following allowances due under the provisions of sections87.120 to 87.371 of any member who retired from service shall be increasedannually, as approved by the board of trustees beginning with the firstincrease in the October following his or her retirement and subsequentincreases in each October thereafter, at the rates designated:
(1) With a retirement service allowance or ordinary disabilityallowance:
(a) One and one-half percent per year, compounded each year, up toage sixty for those retiring with twenty to twenty-four years of service,
(b) Two and one-fourth percent per year, compounded each year, up toage sixty for those retiring with twenty-five to twenty-nine years ofservice,
(c) Three percent per year, compounded each year, up to age sixty forthose retiring with thirty or more years of service,
(d) After age sixty, five percent per year for five years;
(2) With an accidental disability allowance, three percent per year,compounded each year, up to age sixty, then five percent per year for fiveyears.
(L. 1969 p. 163 § 1, A.L. 1973 H.B. 591, A.L. 1983 H.B. 694 & 171, A.L. 2002 H.B. 1455 merged with S.B. 1107)Effective 7-11-02 (H.B. 1455)
8-28-02 (S.B. 1107)