§ 2-607. Cost of living adjustment of benefits.

(a)

A retired member who was receiving on or before October 1, 1999, a monthly normal, delayed or disability retirement benefit and is age 62 or older on or before October 1, 1999, shall have his/her monthly retirement benefit adjusted by two percent beginning with the benefit for the month of October, 1999 (which monthly benefit is payable November 1, 1999). The monthly benefit payable to the retired member or the retired member's beneficiary, as the case may be, shall be adjusted by two percent each October thereafter for the duration of the annuity.

(b)

A retired member who was receiving on or before October 1, 1999, a monthly normal, delayed, or disability retirement benefit shall, upon the attainment of age 62 on or before October 1, have his/her monthly retirement benefit adjusted by two percent, beginning with the benefit for the month of October (which monthly benefit is payable in November) next following or coincident with (October 1 birthday) the retiree's attainment of age 62. The monthly benefit payable to the retired member or the retired member's beneficiary, as the case may be, shall be adjusted by two percent each October thereafter for the duration of the annuity.

(c)

Unless otherwise expressly provided for herein, a retired member who first receives a monthly normal or delayed (including DROP participants) retirement benefit for October, 1999, or later (first payable November 1, 1999, or later) which benefit is based upon 25 or more years of credited service shall, upon the attainment of age 55 on or before October 1, have his/her monthly retirement benefit adjusted by two percent, beginning with the benefit for the month of October next following or coincident with (October 1 birthday) the retiree's attainment of age 55. The monthly benefit payable to the retired member or the retired member's beneficiary, as the case may be, shall be adjusted by two percent each October thereafter for the duration of the annuity.

(d)

Unless otherwise expressly provided for herein, a retired member who first receives a monthly normal or delayed retirement benefit for October, 1999, or later (first payable November 1, 1999, or later) which benefit is based upon 20 or more years of credited service but less than 25, or by retiring under the "Rule of 70" with less than 20 years of service, shall, upon the attainment of age 62 on or before October 1, have his/her next monthly retirement benefit adjusted by two percent beginning with the benefit for the month of October next following or coincident with (October 1 birthday) the retiree's attainment of age 62. The monthly benefit payable to the retired member or the retired member's beneficiary, as the case may be, shall be adjusted by two percent each October thereafter for the duration of the annuity.

(e)

A retired member who first receives a monthly disability retirement benefit on or after October 1, 1999, shall, upon the attainment of age 62 on or before October 1, have the next monthly retirement benefit adjusted by two percent beginning his/her benefit for the month of October next following or coincident with (October 1 birthday) the retiree's attainment of age 62. The monthly benefit payable to the retired member or the retired member's beneficiary, as the case may be, shall be adjusted by two percent each October thereafter for the duration of the annuity.

(f)

A retired member who was a police officer with less than 20 years of credited service on or after July 1, 2013 or whose most recent appointment to employment with the city as a police officer occurred on or after July 1, 2013 who first receives a monthly normal or delayed retirement benefit (including DROP participants) for July 2013, or later (first payable August 1, 2013, or later) which benefit is based upon 25 or more years of credited service shall, upon the attainment of age 55 on or before October 1, have his/her monthly retirement benefit adjusted by one percent, beginning with the benefit for the month of October next following or coincident with (October 1 birthday) the retiree's attainment of age 55. The monthly benefit payable to the retired member or the retired member's beneficiary, as the case may be, shall be adjusted by one percent each October thereafter for the duration of the annuity.

(g)

A retired member who was a police officer with less than 20 years of credited service on or after July 1, 2013 or whose most recent appointment to employment with the city as a police officer occurred on or after July 1, 2013 who first receives a monthly normal or delayed retirement benefit (including DROP participants) for July, 2013, or later (first payable August 1, 2013, or later) which benefit is based upon 25 or more years of credited service shall, upon the attainment of age 62 on or before October 1, have his/her next monthly retirement benefit adjusted by two percent beginning with the benefit for the month of October next following or coincident with (October 1 birthday) the retiree's attainment of age 62. The monthly benefit payable to the retired member or the retired member's beneficiary, as the case may be, shall be adjusted by two percent each October thereafter for the duration of the annuity.

(h)

A retired member who was a police officer with less than 20 years of credited service on or after July 1, 2013 or whose most recent appointment to employment with the city as a police officer occurred on or after July 1, 2013 shall not receive a cost of living adjustment if such a member retired under the "Rule of 70" on or after July 1, 2013 or if the member receives a retirement benefit based upon less than 25 years of credited service.

(Ord. No. 981266, § 18, 7-12-99; Ord. No. 070012, § 8, 7-9-07; Ord. No. 120680, § 3, 6-20-13)