19-20-713. Payment and amount of postretirement adjustment. (1) Effective January 1 of each year that funds are available under 19-20-712, a member or beneficiary eligible under 19-20-711 shall receive a postretirement adjustment in the form of a monthly benefit payable for life.
     (2) The board shall calculate the amount of the postretirement allowance payable to an eligible member or beneficiary by:
     (a) dividing the amount available under 19-20-712(3) for payment of the postretirement allowance by the total accumulated years of service for all eligible members and beneficiaries;
     (b) multiplying the quotient obtained in subsection (2)(a) by the member's total years of service;
     (c) dividing the product obtained in subsection (2)(b) by a factor for calculating a monthly annuity from actuarial tables adopted by the board; and
     (d) applying the provisions contained in subsections (3) and (4).
     (3) If a member had elected to receive an optional retirement allowance, the amount of his postretirement allowance must be adjusted by the appropriate optional factor.
     (4) If more than one beneficiary is receiving a member's retirement allowance, the postretirement adjustment must be divided in the same manner as the member's retirement allowance.

     History: En. Sec. 3, Ch. 115, L. 1989; Sec. 19-4-713, MCA 1991; redes. 19-20-713 by Code Commissioner, 1993.