County employees' retirement: cost-of-living adjustments.

Existing law, the County Employees Retirement Law of 1937, authorizes counties to establish retirement systems for county employees, authorizes counties to establish a board of retirement, and authorizes the board of retirement to provide cost-of-living adjustments. This bill would provide for the annual cost-of-living adjustment of the monthly allowance of members of the Orange County Employees Retirement System to be made beginning with the 2nd calendar year following retirement on or after April 1, subject to specified limitations. The bill would provide that the operation of these provisions is contingent upon the Orange County Board of Supervisors adopting a resolution making those provisions applicable in that county, as specified.