Section 36-27-181 Amount of Increase - Persons Whose Employers Elects to Come Under Provisions.

(a) Commencing October 1, 2002, each person whose employer participated in the Employees’ Retirement System pursuant to Section 36-27-6, whose effective date of retirement for purposes of receiving benefits from the Employees’ Retirement System is prior to October 1, 2001, and who is receiving or is entitled to receive a monthly allowance from the Employees’ Retirement System, may receive a cost-of-living increase determined by the provisions used in Section 36-27-180, if the employer elects to come under this article. Any employer making the election to come under the article shall bear the cost of the cost-of-living increases paid to its employees pursuant to this section. Any employer participating under Section 36-27-6, may elect to come under this article at any time and have the article become effective on October 1, 2002, or on October 1 of any subsequent fiscal year and the employer shall not be required to pay this cost-of-living increase retroactively unless the employer elects to fund the increase. (b) If the employer elects to come under this article, beneficiaries of deceased members or deceased retirees retired from an employer participating in the Employees’ Retirement System pursuant to Section 36-27-6, shall receive the same cost-of-living increase provided in Section 36-27-180, but not less than fifteen dollars ($15) per month.