Vermont § 5067 - Postretirement adjustments to retirement allowances

§ 5067. Postretirement adjustments to retirement allowances

• (a) For members, as of June 30 in each year, commencing June 30, 1987, a determination
  shall be made of the increase, to the nearest one-tenth of a percent of the Consumer
  Price Index for the preceding fiscal year. The retirement allowance of each beneficiary
  in receipt of an allowance for at least one year on the next following December 31
  shall be increased by an amount equal to one-half of the percentage increase. The
  increase shall commence on the January 1 immediately following such December 31. The
  adjustment shall apply to members of the Group A, B, or D plans receiving an early
  retirement allowance only in the year following attainment of normal retirement age,
  provided the member has received benefits for at least 12 months as of December 31
  of the year preceding any January adjustment. The maximum adjustment of any retirement
  allowance resulting from any such determination shall be two percent for Group A members
  and three percent for Group B, C, and D members, and no retirement allowance shall
  be reduced below the amount payable to the beneficiary without regard to the provisions
  of this section. (b) For purposes of this section, Consumer Price Index shall mean the Northeast Region
  Consumer Price Index for all urban consumers, designated as “CPI-U,” in the northeast
  region, as published by the U.S. Department of Labor, Bureau of Labor Statistics. (c) No adjustment shall be made pursuant to this section in a deferred vested allowance
  payable pursuant to subsection 5059(a) of this title prior to its commencement. (d) For all members of Group A and Group B, who have retired prior to July 1, 1987, there
  is hereby granted on July 1, 1989 a cost of living adjustment to each member’s retirement
  allowance equal to two percent for each year of retirement prior to July 1, 1987 but
  not to exceed a total adjustment greater than ten percent. (e) No adjustment shall be made pursuant to this section in January if the Consumer Price
  Index as of the previous June 30th is a negative rate. (Added 1987, No. 39, § 9; amended 1989, No. 11, § 9; 1991, No. 233 (Adj. Sess.), § 7; 1999, No. 61, § 5; 2005, No. 197 (Adj. Sess.), § 8; 2009, No. 139 (Adj. Sess.), § 10a; 2011, No. 63, § H.3.)