1. On July 1, 1981, and July 1, 1982, the System shall provide a cost-of-living increase to each retired employee or beneficiary. The increase must be based on the number of years the person has been drawing benefits plus the portion of the year, in full calendar months, in which the person began drawing benefits, in the amounts: Number of years and full calendar months during which benefits Percentage of have been received Increase 1 year...................................................................................................................... 3.0 1 year and 1 month through 2 years.................................................................. 3.5 2 years and 1 month through 3 years................................................................ 4.0 3 years and 1 month through 4 years................................................................ 4.5 4 years and 1 month through 5 years................................................................ 5.0 5 years and 1 month through 6 years................................................................ 5.5 6 years and 1 month through 7 years................................................................ 6.0 7 years and 1 month through 8 years................................................................ 6.5 8 years and 1 month through 9 years................................................................ 7.0 9 years and 1 month through 10 years.............................................................. 7.5 10 years and 1 month through 11 years........................................................... 8.0 11 years and 1 month through 12 years........................................................... 8.5 12 years and 1 month through 13 years........................................................... 9.0 13 years and 1 month through 14 years........................................................... 9.5 14 years and 1 month and more...................................................................... 10.0 2. The increase for a retired employee or beneficiary who has been receiving benefits for less than 12 full calendar months on July 1 is 3 percent prorated for the number of full calendar months in which the person has received benefits. 3. In addition to the other postretirement allowances and increases provided by law, the System shall provide a monthly postretirement increase of $100 per month, beginning on July 1, 1981, to surviving spouses who receive benefits pursuant to subsection 2 of NRS 286.674 . 4. The increases provided in this section are payable only if and to the extent that they respectively do not exceed the increase in the Consumer Price Index (All Items) for the calendar year preceding their payment.
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