10-3-1107 - Cost of living adjustment -- Price index used. - Utah Statutes

10-3-1107. Cost of living adjustment -- Price index used.
(1) The governing body of each municipality may, in their discretion, adopt a plan toallow any person who qualifies under this part to receive a cost of living adjustment in thatperson's monthly retirement allowance. The adjustment allowed shall be a percentage, not toexceed 100%, of the sum as would restore the full purchasing power of each person's originalunmodified pension allowance as it was in the calendar year in which the retirement giving rise tothe pension occurred.
(2) The amount necessary to restore the full purchasing power of the original unmodifiedpension allowance shall be computed from the consumers price index published by the UnitedStates Bureau of Labor Statistics.
(3) Adjustments may be effective as of the date of this act or at any subsequent date setby the governing body. A municipality may choose to pay any per cent to the maximum amountprovided that such percentage be paid to all qualified persons equally.

Amended by Chapter 4, 1993 General Session