1. In addition to other postretirement allowances or benefits provided by law, and subject to the limitation provided in subsection 3, the Public Employees’ Retirement System shall provide a postretirement increase to each eligible person, based upon:
(a) The number of years the person has received a retirement allowance or in the case of a beneficiary of a retired employee, the number of years an allowance or benefits have been received since the retired employee’s effective date of retirement; and
(b) The amount of the person’s cumulative allowance or benefit computed as of the dates on which these increases are payable.
2. The increases provided in subsection 1 are payable on July 1, 1979, and July 1, 1980, as follows:
Number of Years Receiving Increase in Cumulative
Allowance or Benefit Allowance or Benefit
5 years or more..................................................................................... 5.0 percent
4 years................................................................................................... 4.5 percent
3 years................................................................................................... 4.0 percent
2 years................................................................................................... 3.5 percent
1 year..................................................................................................... 3.0 percent
3. These percentage increases are payable only if they do not exceed the percentage increase in the "All Items Consumer Price Index" for the preceding calendar year. If the percentage increase in the index for the preceding year is less than any percentage increase described in subsection 2, the latter increase must be reduced to the former.
(Added to NRS by 1983, 1928; A 1985, 267)