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

The term, COLA or cost of living adjustment, means the annual increase, if any, as determined by § 3-12C-704, in the amount of the benefit provided on July first, compounded annually. However, no COLA 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; SL 2021, ch 26, § 1.