3-12C-1806 . Cost of living adjustment after benefit begins--Change in benefit payable.
After retirement, the monthly retirement benefit that would have been payable to the participant if not for the application of section 415(b) of the Internal Revenue Code will increase with any cost of living adjustment as determined by the system, and the applicable benefit limits under 415(b) of the Internal Revenue Code will be adjusted in accordance with section 415(d)(1)(A) of the Internal Revenue Code. As a result, the benefit payable from the qualified benefit preservation arrangement may increase or decrease due solely to the interaction of the cost of living adjustment as determined by the system and the applicable benefit limit adjustment in accordance with section 415(d)(1)(A).
Source: SL 2020, ch 14, § 6.