Section 10-11-118 - Cost of living adjustments.
10-11-118. Cost of living adjustments.
A. For the purposes of this section:
(1) "preceding calendar year" means the twelve-month period ending on the December 31 preceding the July 1 in which pensions are being adjusted; and
(2) "second preceding calendar year" means the full calendar year prior to the preceding calendar year.
B. The amount of pension payable to a qualified pension recipient shall be increased three percent each July 1. The amount of the increase shall be determined by multiplying the amount of pension inclusive of all prior adjustments by three percent.
C. A qualified pension recipient is:
(1) a normal retired member who has been retired for at least two full calendar years from the effective date of the latest retirement prior to July 1 of the year in which the pension is being adjusted;
(2) a normal retired member who has attained age sixty-five years and been retired for at least one full calendar year from the effective date of the latest retirement prior to July 1 of the year in which the pension is being adjusted;
(3) a disability retired member who has been retired for at least one full calendar year from the effective date of the latest retirement prior to July 1 of the year in which the pension is being adjusted;
(4) a survivor beneficiary who has received a survivor pension for at least two full calendar years; or
(5) a survivor beneficiary of a deceased retired member who otherwise would have been retired at least two full calendar years from the effective date of the latest retirement prior to July 1 of the year in which the pension is being adjusted.
D. A qualified pension recipient may decline an increase in a pension by giving the association written notice of the decision to decline the increase at least thirty days prior to the date the increase would take effect.