§ 1509.8. COST OF LIVING INDEX.

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The Retirement Board shall, before April 1970, and before April of each year thereafter, determine whether there has been an increase or decrease in the cost of living as provided by this Section. Every retirement allowance, death allowance or allowance payable monthly to or on account of any member who has elected to take the modified system, and who retires or dies or who has retired or died shall be increased or decreased as of July 1 of each year, commencing July 1, 1970, by a percentage of the total allowance then being received found by the Board to approximate the nearest one per cent of the percentage of annual increase or decrease in the cost of living as of January 1 of that year as shown by the then current Bureau of Labor Statistics Consumers Price Index for the Los Angeles-Long Beach Metropolitan Area.

                    
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