Utah Code 49-12-407. Annual cost-of-living adjustment
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(1) The office shall make an annual cost-of-living adjustment to:
Terms Used In Utah Code 49-12-407
- Alternate payee: means a member's former spouse or family member eligible to receive payments under a Domestic Relations Order in compliance with Section 49-11-612. See Utah Code 49-11-102
- Board: means the Utah State Retirement Board established under Section 49-11-202. See Utah Code 49-11-102
- Office: means the Utah State Retirement Office. See Utah Code 49-11-102
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(1)(a) an original allowance paid under Section 49-12-402 or 49-12-404 , 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 4%.
(2)(b) 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.