Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Notwithstanding the provisions of section 103 of chapter 32 of the General Laws, a retirement board may grant a cost of living adjustment for fiscal year 1999 at any time during said fiscal year and said cost of living adjustment shall be retroactive to July 1, 1998; provided, however, that said section 103 has been accepted by the retirement board and legislative body. Except as otherwise provided herein, a cost of living adjustment calculation approved under the provisions of this act, shall be subject to the provisions of said section 103 of said chapter 32.