1.  Establishment of fund.  The Retirement Improvement Fund, referred to in this section as "the fund," is established within and administered by the retirement system as an interest-bearing, nonlapsing fund for the payment of retirement benefit improvements.  

2.  Content of fund.  The fund consists of all money transferred to the fund under this section and other money made available to the fund, which may include but is not limited to legislative appropriations from the General Fund or any other fund, the unappropriated surplus of the General Fund or any other source or fund identified or established through law.  

3.  Use of fund.  Money in the fund must be used to pay for retirement benefit improvements. Whenever the fund has sufficient capital to pay for an increase in the amount of at least $1,000 on the benefit base on which the annual cost-of-living adjustment is applied pursuant to section 17806, subsection 1, paragraph A, for all beneficiaries in the retirement system, that increase must be applied but only until the benefit base reaches $40,000.  

4.  Reporting.  By March 1, 2029 and annually thereafter, the retirement system shall submit a report regarding implementation of this section to the joint standing committee of the Legislature having jurisdiction over retirement matters that includes the following information for that fiscal year and the prior 3 fiscal years: