§ 2-427A. Post-retirement benefit increase.

For a monthly benefit after December 31, 1976, beginning with January 1, which is at least twelve (12) full months after the effective date of the benefit, the amount of benefit shall be re-determined effective each January 1 and such re-determined benefit shall be payable for the ensuing year. Such re-determined amount shall be the amount of benefit otherwise payable multiplied by the following percent: One hundred (100) percent plus one and four-tenths (1.4) percent for each full year, to a maximum of ten (10) years, in the period from the effective date of the benefit to the current January 1.

The amount of benefit otherwise payable means the monthly amount of benefit which would be payable disregarding the provisions re-determining benefit amounts after retirement.

(Ord. No. 638, § 1, 9-15-03; Ord. No. 671, § 1, 1-17-06))