19-9-1013. Extended election -- guaranteed annual benefit adjustment. (1) Subject to subsection (2), on January 1 of each year, the permanent monthly benefit payable during the preceding January to each recipient who is eligible under subsection (3) must be increased by 3%.
(2) (a) If a recipient's benefit payable during the preceding January has been increased by one or more adjustments not provided for in this section and the adjustments amount to less than a 3% annualized increase, then the recipient's benefit must be adjusted by an amount that will provide a total annualized increase of 3% in the benefit paid since the preceding January.
(b) If a recipient's benefit payable during the preceding January has been increased by one or more adjustments not provided for in this section and the increases amount to more than a 3% annualized increase, then the benefit increase provided under this section must be 0%.
(3) A benefit recipient is eligible for and must receive the minimum annual benefit adjustment provided for in this section if:
(a) the benefit's commencement date is at least 12 months prior to January 1 of the year in which the adjustment is to be made; and
(b) the member either:
(i) first became an active member on or after July 1, 1997; or
(ii) filed a voluntary, irrevocable election to be covered under this section. The election:
(A) must be filed with the board prior to December 1, 2001; and
(B) requires an active member to pay an increased or revised contribution rate from January 1, 2002, forward.
(4) The board shall adopt rules to administer the provisions of this section.
(5) The decision of a member who elected to participate under 19-9-1009 or 19-9-1010 remains valid. The decision of a member who elected not to participate under 19-9-1009 and 19-9-1010 may be reversed under this section.