(

a) The cost-of-living adjustments under

Section 415(

d) of the Internal Revenue Code to the limits described in

Section 415(

b) of the Internal Revenue Code, as prescribed by the regulations of the Department of the Treasury of the United States, are hereby incorporated by reference and shall continue to apply after a judge’s severance from employment or annuity starting date. The amount payable to a judge in any limitation year, including any cost-of-living adjustments provided under this chapter, shall not exceed the limit applicable under

Section 415(

b) of the Internal Revenue Code at the annuity starting date, as increased in subsequent years pursuant to

Section 415(

d) of the Internal Revenue Code and the associated regulations. (

b) Notwithstanding any other law, and except as provided in subdivision (a), the retirement allowance of a judge, or the monetary credits annuity payable to a judge, shall be increased to reflect the cost-of-living adjustments to the limits contained in

Section of Title of the United States Code as provided in

Section 415(

d) of that code, provided that the judge’s allowance or monetary credits annuity determined without regard to

Section equals or exceeds the applicable limit as indexed. Nothing in this

section is intended to, nor shall be construed to, entitle a retired judge to an adjustment to their allowance or monetary credits annuity in excess of that provided pursuant to this chapter. (

c) Nothing in this

section shall change the formula used to calculate benefits under this chapter.