Utah § 49-23-307 Defined benefit annual cost-of-living adjustment.

Utah Statutes

§ 49-23-307 — Defined benefit annual cost-of-living adjustment.

Utah·Title 49 Utah State Retirement and Insurance Benefit Act·Ch. 49-23 New Public Safety and Firefighter Tier II Contributory Retirement Act·Part 49-23-3 Tier II Hybrid Retirement System

(1)The office shall make an annual cost-of-living adjustment to:

(1)(a) an original allowance paid under Section 49-23-305, if the allowance has been paid for at least one year; and

(1)(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)(2)(a) The original allowance shall be increased by the annual increase in the Consumer Price Index up to a maximum of 2.5%.

(2)(b) Annual increases in the Consumer Price Index in excess of 2.5% shall be accumulated and used in subsequent adjustments when the annual increase in the Consumer Price Index is less than 2.5%.

(3)The Consumer Price Index used in calculating adjustments shall be a United States Bureau of Labor

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(1) The office shall make an annual cost-of-living adjustment to:

(1)(a) an original allowance paid under Section 49-23-305, if the allowance has been paid for at least one year; and
(1)(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) (2)(a) The original allowance shall be increased by the annual increase in the Consumer Price Index up to a maximum of 2.5%.
(2)(b) Annual increases in the Consumer Price Index in excess of 2.5% shall be accumulated and used in subsequent adjustments when the annual increase in the Consumer Price Index is less than 2.5%.
(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.

Utah § 49-23-307 (Defined benefit annual cost-of-living adjustment.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.