The City shall, in the year 1980, cause to be made a review of the annual service pension being paid by the retirement system to retirants who completed 15 or more years of service with the City prior to retirement. If, as a result of the review a determination is made that a significant number of the retirants are receiving annual service pensions below the level of low income budget for a retired couple published by the U.S. Department of Labor, the Board may adopt such formula as it deems appropriate for the improvement of annual service pensions payable to the retirants following a determination by the actuary that the improvement proposed is actually sound and capable of being funded from revenue available in the retirement system. Any formula adopted by the Board shall recognize the effective date of retirement, the age of the retirant at the time of retirement, and the years and months of service upon retirement. The amount of the improvement computed in accordance with the formula shall not, when added to the original service pension payable to any retirant, result in an annual pension which exceeds the level of the low income budget for a retired couple published by the U.S. Department of Labor. The adjusted annual service pension shall be payable thereafter in equal monthly installments throughout the life of the retirant.
(Ord. 2771, passed 6-9-1980; Ord. 2966, passed 8-26-1985)