ORS 238A.210: Cost-of-living adjustment.

(1) On July 1 of each year, the board shall increase every pension payable under ORS 238A.180, 238A.185 and 238A.190, every disability benefit under ORS 238A.235 and every death benefit payable under ORS 238A.230 as provided in subsection (2) of this section. The increase shall be made for the payments payable on August 1 and thereafter.

      (2)(a) If a person’s yearly pension or benefit is $60,000 or less, the pension or benefit shall be increased by 1.25 percent.

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

      (3) As used in this section, “yearly pension or benefit” means the monthly pension or benefit that a person 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.