§ 49-143.3. Benefit adjustment--Restoration of Initial COLA Benefit
Oklahoma Statutes AnnotatedTitle 11. Cities and Towns
11 Okl.St.Ann. § 49-143.3
§ 49-143.3. Benefit adjustment--Restoration of Initial COLA Benefit
2. “Initial COLA Benefit” means the accrued retirement benefit which will be used as the base benefit for determining the Target COLA Benefit. The Initial COLA Benefit equals the benefit in payment status as of the Initial COLA Benefit Date. Furthermore, this benefit will reflect adjustment for military service credits, if any, granted after the Initial COLA Benefit Date;
B. The Board shall, effective July 1, 1999, implement a benefit adjustment, to increase, if necessary, the retirement benefit for any person receiving benefits from the System as of June 30, 1997. This benefit adjustment is intended to restore one hundred percent (100%) of the loss of the Initial COLA Benefit, if any, due to price inflation, as measured by CPI-U. The benefit adjustment shall be one hundred percent (100%) of the amount by which the Target COLA Benefit is in excess, if any, of the June 1998 retirement benefit. Persons who retired after December 31, 1996 and before July 1, 1997, shall receive a benefit increase based on one hundred percent (100%) of one-half ( ½ ) of the CPI-U change for the period beginning January 1, 1997 and before July 1, 1997.
Credits
Laws 1998, c. 317, § 2, eff. July 1, 1998; Laws 1999, c. 228, § 2, eff. July 1, 1999.
11 Okl. St. Ann. § 49-143.3, OK ST T. 11 § 49-143.3
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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