(a) On a date to be established by the board of trustees, but not before April 1, 1967, the board of trustees is authorized to adopt a method of providing for postretirement benefit adjustments for the purpose of maintaining essentially no less purchasing power for a beneficiary in his postretirement years. Such method shall be based upon:
(1) Recommendation of the actuary for the board of trustees;
(2) Maintaining the actuarial soundness of the retirement system;
(3) Its application to the retirement income of members retiring on or after the adoption of such method by the board of trustees; and
(4) Any additional contribution by the member in an amount not to exceed one-fourth of 1 percent of his monthly earnable compensation.
This Code section shall also be applicable to those members retiring before April 1, 1967.
(b) Notwithstanding any other provision of this Code section, no member who becomes a member of this retirement system on or after July 1, 2009, shall be entitled to receive any postretirement benefit adjustment.
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