19-20-713. Payment and amount of postretirement adjustment. (1) Effective January 1 of each year that funds are available under 19-20-712, a retiree or beneficiary eligible under 19-20-711 shall receive a postretirement adjustment in the form of a monthly benefit payable for life.
     (2) The board shall calculate the amount of the postretirement allowance payable to an eligible retiree or beneficiary by:
     (a) dividing the amount available under 19-20-712(3) for payment of the postretirement allowance by the total accumulated years of service for all eligible retirees and beneficiaries;
     (b) multiplying the quotient obtained in subsection (2)(a) by the retiree's total years of service;
     (c) dividing the product obtained in subsection (2)(b) by a factor for calculating a monthly retirement allowance from actuarial tables adopted by the board; and
     (d) applying the provisions contained in subsections (3) and (4).
     (3) If a retiree had elected to receive an optional retirement allowance, the amount of the retiree's postretirement allowance must be adjusted by the appropriate optional factor.
     (4) If more than one beneficiary is receiving a retiree's retirement allowance, the postretirement adjustment must be divided in the same manner as the retiree's retirement allowance.

     History: En. Sec. 3, Ch. 115, L. 1989; Sec. 19-4-713, MCA 1991; redes. 19-20-713 by Code Commissioner, 1993; amd. Sec. 20, Ch. 442, L. 1997.