(A) All retired members, surviving spouses, or dependents who, upon the effective date of this section, are receiving a monthly annuity, shall continue to receive the annuity in the dollar amount being paid, subject to the termination provisions set forth in other sections of this subchapter; provided, however, that nothing contained in this subchapter shall prohibit or restrict the Metro Government from increasing the benefits payable to those eligible to receive an annuity.
(B) The increased costs associated with any increased benefits shall be paid by the Metro Government and the amount of liabilities associated therewith shall be amortized over a 30-year period as indicated in § 32.129.
(C) Effective July 1, 2005, any member, or any surviving spouse or dependent of a member, who retires thereafter, and who is eligible to receive an annuity, shall receive a minimum annaul benefit of $9,600 ($800 monthly). In addition, all members, surviving spouses, or dependents, shall receive a graduated increase in their annual benefits, pursuant to the following schedule:
Annual Pension Benefit Prior to Increase | Increased Annual Benefit |
Less than $9,600 | Greater of $9,600 or current benefit plus $800 |
$9,600 but less than $20,000 | Current benefit plus $800 |
$20,000 but less than $30,000 | Greater of $20,800 or current benefit plus $600 |
$30,000 or more | Greater of $30,600 or current benefit plus $400 |
(D) If death benefits are being paid to more than one individual due to the death of a member or a retired member, the total amounts being paid due to the death of that member or retired member shall be combined for purposes of determining the amount of the annuity. Any increases in the annuity shall be allocated on a pro rata basis among all such beneficiaries of that member or retired member.
(1999 Lou. Code, § 36.106) (Lou. Ord. No. 91-1973 approved 6-29-1973; Lou. Am. Ord. No. 169-1985, approved 7-12-1985; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004; Lou. Metro Am. Ord. No. 127-2005, approved 8-29-2005)