Marvin Mandel, Governor                            889

(b)(1) Each retired member shall have a base which shall be
the Consumer Price Index for the calendar year ending December
31st of the Fiscal Year in which he retired WAS LAST EMPLOYED.

(2)    The Consumer Price Index to be used for the Fiscal Year in
which the retirement allowance is payable shall be the Consumer
Price Index for the calendar year ending December 31st of the
preceding Fiscal Year.

(3)    The ratio of adjustment of the retirement allowance referred
to in subsection (a) of this section shall be obtained by dividing the
Consumer Price Index in subsection (b) (2) by the Consumer Price
Index in subsection (b) (1) of this section.

(c)    For the purposes of this section the retirement allowance
referred to in subsection (a) of this section, shall be that retirement
allowance elected by the member under Section 49 of this Article.

(d)    For the purposes of this section, Consumer Price Index shall
mean the Consumer Price Index (all items—United States City aver-
age), as published by the United States Department of Labor, Bureau
of Labor Statistics.

(e)    In no instance shall any retired member receive less than the
benefits to which he would be entitled under the provisions of Section
49 of this Article.

(f)    The allowance of a surviving beneficiary of a retired member
shall, when and if payable, be adjusted by the same ratio as provided
in this section.

(g)    This section shall not apply to benefits payable under Sections
49(4) SECTION 49(I)(4) of this Article, as it relates to return of
accumulated contributions.

125 A.

(a) For the fiscal year beginning July 1, 1971, and for each
fiscal year thereafter, each retired member's retirement allowance as
hereunder defined, shall be adjusted by a ratio as provided in this
section.

(b)(1) Each retired member shall have a base which shall be
the Consumer Price Index for the calendar year ending December
31st of the Fiscal Year in which he retired WAS LAST EMPLOYED.

(2)    The Consumer Price Index to be used for the Fiscal Year
in which the retirement allowance is payable shall be the Consumer
Price Index for the calendar year ending December 31st of the pre-
ceding Fiscal Year.

(3)    The ratio of adjustment of the retirement allowance re-
ferred to in subsection (a) of this section shall be obtained by
dividing the Consumer Price Index in subsection (b) (2) by the Con-
sumer Price Index in subsection (b) (1) of this Section.

(c)    For the purposes of this section the retirement allowance re-
ferred to in subsection (a) of this section, shall be that retirement
allowance elected by the member under Section 125 of this Article.

(d)    For the purposes of this section, Consumer Price Index shall
mean the Consumer Price Index (all items—United States City aver-
age), as published by the United States Department of Labor, Bureau
of Labor Statistics.