§ 22-137. Adjustment factor to basic retirement benefit to be established.

(a)

Notwithstanding all other provisions of this division, there shall be established a method which shall apply an adjustment factor to the basic benefit of all beneficiaries and members of the division, which is to be funded through the required annual City contribution (section 22-133).

(b)

The basic benefit for each beneficiary and member shall be the amount of retirement income payable prior to any adjustment provided under this section.

(c)

The method of adjustment shall be determined by the board upon the recommendation of the actuary for the system, and shall be applied to beneficiaries and members based upon procedures recommended by the actuaries and adopted by the board; however, effective March 1, 2000, any cost-of-living adjustments applied to the pension benefit being paid shall be calculated on the current amount of benefit being received by the beneficiaries and members at that time. This adjustment shall apply to present and future beneficiaries of the employees retirement system. The adjustment shall be subject to approval of City Council.

(Code 1973, § 22-60; Code 1992, § 22-137; Ord. No. 416-G, § 5, 2-17-2000)