87.208. Cost-of-living increases for certain persons, when--how computed. - Missouri Statutes

Cost-of-living increases for certain persons, when--how computed.

87.208. The retirement allowance, due under the provisionsof sections 87.120 to 87.370, of any member who retired fromservice prior to February 15, 1973, with a retirement serviceallowance, ordinary disability allowance or accidental disabilityallowance may be increased at the rate of three percent per yearor at the discretion of the board of trustees a cash payment maybe made in lieu of such percentage increase in an amount to bedetermined by the board but not to exceed fifty dollars wheneverit has been determined by the board of trustees that the consumerprice index as published by the United States Department of Laborshows an increase of at least three percent for three consecutivemonths in the twelve-month period preceding, but not to exceed atotal increase of twenty-five percent. Such increase inretirement allowance shall commence in the payment for the firstmonth following the determination by the board of trustees. Atleast once each quarter the board of trustees shall, at a regularmeeting or at a special meeting called for that purpose, considerthe question of whether there has been an increase in suchconsumer price index.

(L. 1985 H.B. 558, A.L. 1986 H.B. 856)