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(1) If the premium tax revenue received by the office under Subsection 49-11-901.5(1) and first paid in accordance with Subsections 49-11-901.5(2)(a) and (b), including any remaining amount, the office shall deposit the amount in the:
(a) Public Safety Contributory Trust Fund created under Section 49-14-104; and
(b) Public Safety Noncontributory Retirement Trust Fund created under Section 49-15-104.
(2) The money deposited under this section shall be used to fund an increase for retirees in the public safety retirement systems from a 2.5% maximum annual cost-of-living adjustment to a 4% maximum annual cost-of-living adjustment under Sections 49-14-403 and 49-15-403 in the public safety retirement systems.
(3) As required to implement this section, the office shall make the calculations and deposits for the equitable apportionment of money between:
(a) Division A1 and B1; and
(b) the contributory and noncontributory trust funds.