The fund created shall continue to make payments of all such annuities, pensions and benefits granted by such pre-existing pension ordinances at the rates previously fixed and under the conditions previously in effect; provided, however, all recipients shall receive a cost of living increase effective and retroactive to July 1, 2001. The increase shall be $100 to their monthly benefit, except those recipients who receive less than $200 per month in benefits, shall be given an increase in an amount to raise their monthly benefits to $300 per month. Future increases may be granted based upon actuarial soundness and other economic factors.
(1995 Code, § 2.88.320) (Ord. O-2001-30, passed 10-22-2001)