| (1) |
The office shall make an annual cost-of-living adjustment to:
Terms Used In Utah Code 49-13-407- Alternate payee: means a member's former spouse or family member eligible to receive payments under a Domestic Relations Order in compliance with Section 49-11-612. See Utah Code 49-11-102
- Board: means the Utah State Retirement Board established under Section 49-11-202. See Utah Code 49-11-102
- Office: means the Utah State Retirement Office. See Utah Code 49-11-102
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
| (a) |
an original allowance paid under Section 49-13-402 or 49-13-405, 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. |
Amended by Chapter 260, 2006 General Session
