2.92.330 Increase in monthly allowance—Retirements or deaths for period.
A. The monthly allowance paid with respect to a person retired or a member who died shall receive an adjustment increase in accordance with the following schedule:
|
Retirement Date |
Percentage Increase |
|---|---|
|
on or before |
|
|
12/31/65 |
15% |
|
1966 |
14 |
|
1968 |
12 |
|
1969 |
9 |
|
1970 |
6 |
|
1971 |
5 |
|
1972 |
4 |
|
1973 |
3 |
B. Such percentage shall be applied to the allowance payable from and after July 1, 1979.
C. Commencing on July 1, 1982 and every year thereafter through July 1, 1991, the schedule provided in subsection A of this section shall be increased by a two percent cost-of-living adjustment. Commencing July 1, 1992 and every year thereafter through July 1, 1996, the schedule provided in subsection A of the section shall be increased by a three percent cost-of-living adjustment with monthly payments rounded to the next highest whole dollar after applying this increase. Commencing January 1, 1997 and every year thereafter, the schedule provided in subsection A of the section shall be increased by a three and one-half percent cost-of-living adjustment with monthly payments rounded to the next highest whole dollar after applying this increase.
D. In addition to the cost-of-living increases specified in subsection C of this section, the schedule provided in subsection A of this section shall be increased as follows:
|
Retirement Date |
Percentage Increase |
|---|---|
|
July 1, 1982 |
10% |
|
August 1, 1987 |
10% |
|
July 1, 1990 |
10%** |
**Monthly payments will be rounded to the next highest whole dollar after applying this increase.
(Ord. 3734 § 3, 1996; Ord. 3453 §§ 1, 2, 1992; Ord. 3307 § 1, 1990; Ord. 3121 § 5, 1987; Ord. 2772 § 1, 1982; prior code § 5.38.188)