The board, after consultation with its actuary and other advisors, may from time to time grant such cost-of-living increases in the benefits being paid to all retired members, or certain classes of retired members, as the board deems prudent, but only if such increases would have no material adverse impact on the funded status of the plan. (Act 97-689, p. 1379, §5(4.05); Act 2001-518, p. 922, §1.)
Alabama Legal Code