ORS 238.360: Cost-of-living adjustments.

(1) On July 1 of each year, the Public Employees Retirement Board shall increase the yearly allowance that a member or member’s beneficiary receives or is entitled to receive, as provided in subsection (2) of this section. The increase is first payable with the allowance that the member or the member’s beneficiary receives or is entitled to receive on August 1.

      (2)(a) If the member’s or member’s beneficiary’s yearly allowance is $60,000 or less, the allowance shall be increased by 1.25 percent.

      (b) If the member’s or member’s beneficiary’s yearly allowance is more than $60,000, the allowance shall be increased by $750 plus 0.15 percent of the amount of the yearly allowance exceeding $60,000.

      (3) Any increase in the allowance shall be paid from contributions of the public employer under ORS 238.225.

      (4) As used in this section, “yearly allowance” means the monthly allowance that a member or member’s beneficiary is entitled to on July 1 of the year in which the board is calculating the increase under subsection (1) of this section, multiplied by 12.