Notwithstanding any other provision of law, the amount of compensation used to determine the retirement benefit of a member of the Legislators’ Retirement System must not exceed:
1. If the member has an effective date of membership before July 1, 2015, the limitation provided by section 401(a)(17) of the Internal Revenue Code, 26 U.S.C. § 401(a)(17).
2. If the member has an effective date of membership on or after July 1, 2015, the lesser of:
(a) The limitation provided by section 401(a)(17) of the Internal Revenue Code, 26 U.S.C. § 401(a)(17); or
(b) Two hundred thousand dollars. The limitation set forth in this paragraph must be adjusted by the Board every year by an amount equal to the average percentage increase in the Consumer Price Index (All Items) for the immediately preceding 3-year period.