2015 ORS § 238A.210¹
Cost-of-living adjustment

(1) On July 1 of each year, the board shall increase every pension payable under ORS 238A.180 (Normal retirement benefit), 238A.185 (Early retirement) and 238A.190 (Survivorship benefits), every disability benefit under ORS 238A.235 (Disability benefit) and every death benefit payable under ORS 238A.230 (Death benefit) 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 persons yearly pension or benefit is $60,000 or less, the pension or benefit shall be increased by 1.25 [bad link] percent.

(b) If a persons 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. [2003 c.733 §23; 2013 c.53 §§5,7; 2013 s.s. c.2 §3]

Note: The text of 238A.210 (Cost-of-living adjustment), as it existed before the amendments to 238A.210 (Cost-of-living adjustment) by section 7, chapter 53, Oregon Laws 2013, and section 3, chapter 2, Oregon Laws 2013 (special session), is set forth for the users convenience.

238A.210 (Cost-of-living adjustment). (1) As soon as practicable after January 1 each year, the Public Employees Retirement Board shall determine the percentage increase or decrease in the cost of living for the previous calendar year, based on the Portland-Salem, OR-WA, Consumer Price Index for All Urban Consumers for All Items, as published by the Bureau of Labor Statistics of the United States Department of Labor. Before July 1 each year, the board shall adjust every pension payable under ORS 238A.180 (Normal retirement benefit), 238A.185 (Early retirement) and 238A.190 (Survivorship benefits), every disability benefit under ORS 238A.235 (Disability benefit) and every death benefit payable under ORS 238A.230 (Death benefit) by multiplying the monthly payment by the percentage figure determined by the board. If a person has been receiving a pension or benefit for less than 12 months on July 1 of a calendar year, the board shall make a pro rata reduction of the adjustment based on the number of months that the pension or benefit was received before July 1 of the year. The adjustment shall be made for the payments payable on August 1 and thereafter.

(2) An increase or decrease in the benefit payments under this section may not exceed 1.5 [bad link] percent in any year. A pension or death benefit may not be adjusted to an amount that is less than the amount that would have been payable if no cost-of-living adjustment had been made since the pension or death benefit first became payable.