(a) Whenever the retired employees of the state are granted a cost-of-living pension increase either by act of the Legislature or action of the Board of Control of the State Employees’ Retirement System, the retired employees of the Huntsville Utilities Electric, Water, and Gas Boards shall be granted a cost-of-living pension increase on a percentage basis equal to any such increase granted to retired state employees. The increase for retired employees shall be funded out of any and all funds available to the Huntsville Utilities Electric, Water, and Gas Boards.
(b) This section shall have retroactive effect to the date that the last cost-of- living increase was granted to retired employees of the state.