49-17-405. Annual cost-of-living adjustment.
(1) The office shall make an annual cost-of-living adjustment to: an allowance paid under Sectionand, of this chapter if the benefit has been paid for at least one year; and 49-17-402 Part 5, Death Benefit a 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) The allowance shall be increased by the annual increase in the Consumer Price Index up to a maximum of 4%. Annual increases in the Consumer Price Index in excess of 4% shall be accumulated and used in subsequent adjustments when the annual 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.