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

For purposes of this chapter, "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. No COLA may be provided unless the member has received benefit payments for at least the consecutive, twelve-month period before July first.