169.466. Annual pension increase, when.
Annual pension increase, when.
169.466. 1. Any retired member with fifteen or more years ofcreditable service at retirement receiving retirement benefits on August28, 1997, shall receive on January first of each year, commencing onJanuary 1, 1998, an increase in the amount of benefits received by theretired member pursuant to sections 169.410 to 169.540 during the precedingyear of one hundred percent of the increase in the consumer price indexcalculated in the manner provided in this section; except that, no suchincrease in retirement benefits shall be paid for any year if such increasein the consumer price index is less than one percent. Such annualretirement benefit increase, however, shall not exceed three percent. Aretired member qualified to receive an annual retirement benefit increasepursuant to this section shall not be eligible to receive an additionalbenefit until the January first after the first anniversary of the date onwhich he or she commenced receiving retirement benefits pursuant tosections 169.410 to 169.540. Benefits shall not be decreased in the caseof a decrease in the consumer price index for any year.
2. For the purpose of this section, any increase in the consumerprice index shall be determined by the board of trustees in November ofeach year based on the consumer price index for the twelve-month periodended on September thirtieth of such year over the consumer price index forthe twelve-month period ended on September thirtieth of the yearimmediately prior thereto. Any increase so determined shall be applied bythe board of trustees in calculating increases in retirement benefits thatbecome payable pursuant to this section for the twelve-month periodbeginning on the January first immediately following such determination.
3. An annual increase in retirement benefits, if any, shall bepayable monthly with monthly installments of other retirement benefitspursuant to sections 169.410 to 169.540.
(L. 1996 S.B. 860, A.L. 1997 H.B. 612 merged with S.B. 309, A.L. 2001 H.B. 660, A.L. 2007 S.B. 406)