(1) The office shall make an annual cost-of-living adjustment to: (a) an original allowance paid under Section 49-19-402 and Part 5, Death Benefit, of this chapter if the benefit has been paid for at least one year; (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; and (c) the base retirement amount for governors and legislators under Section 49-19-402. (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 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.
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