A. Notwithstanding any other provision of this chapter and subject to the provisions of this chapter, as of July 1st of each year, commencing with the year 1968, every monthly allowance payable to or on account of any person who has retired or died or who shall retire or die as a member of the retirement system and whose retirement or death occurred prior to July 1st of the preceding year, shall be increased or decreased by a percentage of the total allowance then being received which shall approximate to the nearest one-tenth of one percent, the percentage of annual increase or decrease in the cost of living during the preceding calendar year; provided, that such increase or decrease shall not exceed two percent of any allowance in any year, regardless of the percentage of change in such cost of living. As of July 1st of each year, commencing with the year 1970, the increase or decrease shall not exceed three percent of any allowance in any year regardless of the percentage of change in any such cost of living.
B. Notwithstanding any other provision of this chapter and subject to the provisions of this article, as of July 1st of each year, every monthly allowance payable to or on account of a member of this system whose retirement or death as a member of this system occurred on or after July 1st of the preceding year shall be increased or decreased by a percentage of the allowance then being received. For each whole month of the preceding fiscal year during which a member was retired or for each whole month of the preceding fiscal year after the member's death, such percentage shall approximate one-twelfth of the percentage of annual increase or decrease (to the nearest one-tenth of one percent), if any, in the cost of living during the whole of the preceding calendar year by reference to the current U.S. Department of Labor, Bureau of Labor Statistics Consumer Price Index for the San Francisco-Oakland area (or the Sacramento area, in the event the index is established for the Sacramento area), for the whole of the preceding calendar year; provided that such increase or decrease shall not exceed three percent of any allowance in any year, regardless of the percentage of change in cost of living; and provided further that no allowance shall be reduced below the amount payable at death or retirement. The provisions of this subsection shall apply only to members whose retirement or death occurred on or after July 2, 1979. (Prior code § 34.09.900)