-
(a) Each July 1 the Arkansas Public Employees’ Retirement System shall redetermine the amount of each monthly benefit which has been payable by the system for at least twelve (12) full calendar months. The redetermined amount shall be payable for the following twelve (12) calendar months.
-
(b) The redetermined amount shall be the amount of the benefit payable as of the immediately preceding July 1 increased by three percent (3%).
