COLA or cost of living adjustment defined

For purposes of this chapter, "COLA" or "cost of living adjustment" means the annual increase, if any, as determined by § 3-12C-704 , in the amount of the benefit provided on July first, compounded annually. No COLA may be provided unless the member has received benefit payments for at least the consecutive, twelve-month period before July first. Source: SL 2017, ch 27 , § 1; SDCL § 3-12-47.10; SL 2019, ch 22 , §§ 4, 45; SL 2021, ch 26 , § 1; SL 2025, ch 27 , § 3.