19-8-1110. Ad hoc cost-of-living increase. (1) The recipient of a monthly service, disability, or survivorship benefit is eligible for a one-time cost-of-living increase on July 1, 1993, if the benefit was initiated before July 1, 1988. A person who received a lump-sum payment or is receiving an annuitized payment is not an eligible recipient under this section.
     (2) The amount of the increase for each eligible benefit recipient under subsection (1) must be calculated by:
     (a) dividing 5% of the total monthly benefits paid to all eligible benefit recipients as of June 30, 1993, by the total years of service of all eligible benefit recipients as of June 30, 1993;
     (b) multiplying the quotient by the individual eligible benefit recipient's years of service, except as provided in subsection (3); and
     (c) multiplying the product by the appropriate optional factor for option 2, 3, or 4 benefits described in 19-7-1001.
     (3) For the purposes of this section, the increase for a recipient of a disability or survivorship benefit must be calculated as if the recipient had 25 years of service.
     (4) The board may adopt rules to implement this section.

     History: En. Secs. 1, 2, Ch. 450, L. 1993.