{"data":{"id":"us-ok/okla.-stat.-tit.-47-47-2-305.6","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 47, § 47-2-305.6","heading":"Benefit adjustment - Restoration of Initial COLA","body":"Benefit.\n\nA. For purposes of this section the following definitions shall\n\napply:\n\n1. \"Initial COLA Benefit Date\" means the later of the member's\n\ndate of benefit commencement or January 1, 1981. This date is used\n\nin the definition of Initial COLA Benefit and Target COLA Benefit;\n\n2. \"Initial COLA Benefit\" means the accrued retirement benefit\n\nwhich will be used as the base benefit for determining the Target\n\nCOLA Benefit. The Initial COLA Benefit equals the benefit in\n\npayment status as of the Initial COLA Benefit Date. Furthermore,\n\nthis benefit will reflect adjustment for military service credits,\n\nif any, granted after the Initial COLA Benefit Date;\n\n3. \"CPI-U\" means the Consumer Price Index for all urban\n\nconsumers for all goods and services, as published by the Bureau of\n\nLabor Statistics, U.S. Department of Labor. This is used as a\n\nmeasure of price inflation for the development of the Target COLA\n\nBenefit defined below; and\n\n4. \"Target COLA Benefit\" is the Initial COLA Benefit adjusted\n\nto reflect price inflation as measured by CPI-U. The Target COLA\n\nBenefit is calculated for each eligible member to equal the member's\n\nInitial COLA Benefit multiplied by a ratio of (A) divided by (B) as\n\nfollows:\n\n(A) is the CPI-U as of July 1, 1997.\n\n(B) is the CPI-U as of July 1 of the calendar year of the\n\nInitial COLA Benefit Date.\n\nB. The Board shall, effective July 1, 1998, implement a benefit\n\nadjustment, to increase, if necessary, the retirement benefit for\n\nany person receiving benefits from the System as of June 30, 1997.\n\nThis benefit adjustment is intended to restore one hundred percent\n\n(100%) of the loss of the Initial COLA Benefit, if any, due to price\n\ninflation, as measured by CPI-U. The benefit adjustment shall be\n\none hundred percent (100%) of the amount by which the Target COLA\n\nBenefit is in excess, if any, of the June 1998 retirement benefit.\n\nPersons who retired after December 31, 1996 and before July 1, 1997,\n\nshall receive a benefit increase based on one-half (1/2) of the CPI-\n\nU change for the period beginning January 1, 1997 and before July 1,\n\n1997.\n\nC. Any increase in benefits a person is eligible to receive\n\npursuant to subsection B of Section 2-305 of Title 47 of the\n\nOklahoma Statutes, after June 30, 1998, shall be offset by the\n\nincrease in benefits, if any, provided by this section.","path":["OK Code","Title 47"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os47.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"fb135d6c9f2bb5fbb06c56c1c764fb17a5788c46311c2d4664a7c012f03b5790","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-47-47-2-305.5","next":"us-ok/okla.-stat.-tit.-47-47-2-305.7"},"notice":"GroundRules: Original legal text. Not legal advice."}