1. Except as otherwise provided in subsection 2, for a person who retires and who has an effective date of membership on or after January 1, 2010, and before July 1, 2015, allowances or benefits must be increased once each year on the first day of the month immediately following the anniversary of the date the person began receiving the allowance or benefit, by the lesser of: (a) Two percent following the 3rd anniversary of the commencement of benefits, 3 percent following the 6th anniversary of the commencement of benefits, 3.5 percent following the 9th anniversary of the commencement of benefits, 4 percent following the 12th anniversary of the commencement of benefits and each year thereafter; or (b) The average percentage of increase in the Consumer Price Index (All Items) for the 3 preceding years, unless a different index is substituted by the Board. 2. In any event, the allowance or benefit of a member must be increased by the percentages set forth in paragraph (a) of subsection 1 if the allowance or benefit of a member has not increased at a rate greater than or equal to the average of the Consumer Price Index (All Items), unless a different index is substituted by the Board, for the period between the date of the members retirement and the date specified in subsection 1. 3. The Board may use a different index for the calculation made pursuant to paragraph (b) of subsection 1 if: (a) The substituted index is compiled and published by the United States Department of Labor; and (b) The Board determines that the substituted index represents a more accurate measurement of the cost of living for retired employees. 4. The base from which the increase provided by this section must be calculated is the allowance or benefit in effect on the day before the increase becomes effective.
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