Utah Code 10-3-1107. Cost of living adjustment — Price index used
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(1) The governing body of each municipality may, in their discretion, adopt a plan to allow any person who qualifies under this part to receive a cost of living adjustment in that person’s monthly retirement allowance. The adjustment allowed shall be a percentage, not to exceed 100%, of the sum as would restore the full purchasing power of each person’s original unmodified pension allowance as it was in the calendar year in which the retirement giving rise to the pension occurred.
Terms Used In Utah Code 10-3-1107
- Governing body: means collectively the legislative body and the executive of any municipality. See Utah Code 10-1-104
- Municipality: means :(5)(a) a city of the first class, city of the second class, city of the third class, city of the fourth class, city of the fifth class;(5)(b) a town, as classified in Section
10-2-301 ; or(5)(c) a preliminary municipality incorporated under Chapter 2a, Part 5, Incorporation of a Preliminary Municipality. See Utah Code 10-1-104- Person: means an individual, corporation, partnership, organization, association, trust, governmental agency, or any other legal entity. See Utah Code 10-1-104
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(2) The amount necessary to restore the full purchasing power of the original unmodified pension allowance shall be computed from the consumers price index published by the United States Bureau of Labor Statistics.(3) Adjustments may be effective as of the date of this act or at any subsequent date set by the governing body. A municipality may choose to pay any per cent to the maximum amount provided that such percentage be paid to all qualified persons equally.