(1) Once every two calendar years, the Public Employees Retirement Board shall adopt actuarial equivalency factor tables for the purpose of computing the payments to be made to members of the pension program and their beneficiaries and alternate payees under ORS § 238.465. The tables may be adopted in conjunction with the biennial evaluation of the Public Employees Retirement System required by ORS § 238.605. Tables adopted under this section must use the best actuarial information on mortality available at the time the board adopts the tables, as provided by the actuary engaged by the board. Actuarial equivalency factor tables adopted under this section become effective on January 1 of the calendar year following adoption of the tables by the board. All computations of payments must use the actuarial equivalency factor tables that are in effect on:

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(a) The effective date of retirement for any member or alternate payee;

(b) The date that the first payment is due for any person receiving a death benefit under ORS § 238A.230; or

(c) The date that the first payment is due after any recalculation of payments that is not attributable to error, including but not limited to recalculations under ORS § 238.465 (2).

(2) The board may not defer or delay implementation of the actuarial equivalency factor tables adopted under this section. [2003 c.733 § 22]

(Cost-of-Living Adjustment)