3-12C-104COLA or cost of living adjustment defined.

The term, COLA or cost of living adjustment, means the annual increase in the amount of the benefit provided on July first, compounded annually. However, no annual increase may be provided unless the member has received benefit payments for at least the consecutive, twelve-month period before July first.

Source: SL 2017, ch 27, § 1; SDCL § 3-12-47.10; SL 2019, ch 22, §§ 4, 45.