Sec. 814.604. COST-OF-LIVING ADJUSTMENT. (a) The retirement system shall grant a one-time cost-of-living adjustment as provided by Subsections (b) and (c) on a finding by the board of trustees that, as determined by an actuarial valuation:
(1) the amortization period for the unfunded actuarial liabilities of the retirement system does not exceed 30 years by one or more years; and
(2) as a result of paying the adjustment, the time required to amortize the unfunded actuarial liabilities of the retirement system would not be increased to a period that exceeds 30 years by one or more years.
(b) The retirement system shall pay the cost-of-living adjustment under this section to a retiree who has been retired for 20 years or more on the date the board of trustees makes the finding in Subsection (a), or to a beneficiary of the retiree, as an increase to a monthly service retirement benefit, disability retirement benefit, or death benefit, as applicable, paid under this chapter for service credited in the employee class.
(c) A cost-of-living adjustment under this section is limited to the lesser of:
(1) an amount equal to three percent of the monthly benefit subject to the increase; or
(2) $100 a month.
Added by Acts 2013, 83rd Leg., R.S., Ch. 618 (S.B. 1459), Sec. 12, eff. September 1, 2013.
Section: Previous 814.210 814.211 814.301 814.302 814.304 814.305 814.401 814.402 814.403 814.501 814.503 814.505 814.601 814.602 814.603Last modified: September 28, 2016