19-7-710. Payment and amount of postretirement adjustment. (1) Effective January 1 of each year that funds are available under 19-7-709, a benefit recipient eligible under 19-7-708 must receive a postretirement adjustment in the form of a monthly benefit payable for life.
     (2) The board shall calculate the amount of the postretirement adjustment payable to an eligible benefit recipient by:
     (a) dividing the amount available under 19-7-709(3) for payment of the postretirement adjustment by the total accumulated years of service credit for all eligible benefit recipients;
     (b) multiplying the quotient obtained in subsection (2)(a) by the individual eligible benefit recipient's service credits;
     (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 benefit, the amount of postretirement adjustment must be adjusted by the appropriate optional factor.
     (4) If more than one contingent annuitant is receiving a member's retirement benefit, the postretirement adjustment must be divided in the same manner as the member's retirement benefit.

     History: En. Sec. 3, Ch. 115, L. 1989; amd. Sec. 155, Ch. 265, L. 1993.