Checkout our iOS App for a better way to browser and research.
(1) The office shall make an annual cost-of-living adjustment to:
(a) an original allowance paid under Section 49-16-402, Part 5, Death Benefit, and Part 6, Disability Benefit, of this chapter if the allowance has been paid for at least one year; and
(b) an original payment made to an alternate payee under a domestic relations order, if the payment is to be paid as a percentage of the allowance rather than a specific dollar amount.
(2)
(a) The original allowance shall be increased by the annual increase in the Consumer Price Index up to a maximum of 4%.
(b) Annual increases in the Consumer Price Index in excess of 4% shall be accumulated and used in subsequent adjustments when the annual increase in the Consumer Price Index is less than 4%.
(3) The Consumer Price Index used in calculating adjustments shall be a United States Bureau of Labor Statistics Consumer Price Index average as determined by the board.
(4) The cost-of-living adjustment made under this section may not decrease the allowance.