Section 103 of chapter 32 is hereby amended by inserting at the end thereof the following new paragraph:-

(k) Notwithstanding any provision of this section to the contrary, the board of any system may, by accepting the provisions of this paragraph as hereinafter provided, elect annually to pay the cost of living adjustment in an amount, determined by applying the percent of change set by the board pursuant to said paragraph (c) to said maximum base amount of $12,000 or such other base amount as determined pursuant to paragraph (j) of this section, to every member of the system or a spouse or other beneficiary of such member, who has received a retirement, pension or annuity on June 30 of the prior fiscal year.  The board shall conduct such election in a public meeting, properly posted, and called specifically for such election.  The board shall also notify each legislative body at least 30 days before such election.  Acceptance of this paragraph shall be in accordance with the provisions of paragraph (i) of this section.  A decision to accept the provisions of this paragraph may not be revoked.