(A) The purpose of subsections (A) and (B) is to provide a cost-of-living adjustment to the benefits payable to members who become retirees on or after September 30, 2000, and their beneficiaries.
(B) Commencing on the thirtieth (30th) day of September, 2003, and on the thirtieth (30th) day of each September thereafter, the benefit of each police officer retiree or beneficiary shall be adjusted as follows:
(1) The amount of the monthly benefit payable for the twelve (12) month period commencing on the first adjustment date shall be the amount of the monthly benefit plus three percent (3%). The amount of monthly benefit payable for subsequent twelve (12) month periods shall be the amount of the monthly benefit being received on September 30 immediately preceding the adjustment date plus an amount equal to three percent (3%) of said benefit.
(2) To receive a cost-of-living adjustment hereunder, a police officer member must have been a retiree for at least three (3) years as of an adjustment date. However, a cost-of-living adjustment shall be paid on a pro rata basis for any fractional year in excess of three (3) years as of an adjustment date.
(3) For purposes of determining eligibility of a beneficiary for a cost-of-living adjustment hereunder, the police officer member's date of retirement shall govern.
(C) The purpose of this subsection (C) is to provide a cost-of-living adjustment to the benefits payable to firefighter members hired before March 15, 2012, who become retirees on or after September 30, 2001 and their beneficiaries. Commencing on September 30, 2007 and on each September 30 thereafter, the benefit of each firefighter retiree who was hired before March 15, 2012, or beneficiary of such member shall be adjusted as follows:
(1) The amount of the monthly benefit payable for the twelve (12) month period commencing on the first adjustment date shall be the amount of the monthly benefit plus three percent (3%). The amount of the monthly benefit payable for subsequent twelve-month periods shall be the amount of the monthly benefit being received on September 30 immediately preceding the adjustment date plus an amount equal to three percent (3%) of said benefit.
(2) To receive a cost-of-living adjustment hereunder, a firefighter member must have been a retiree for at least six (6) years as of an adjustment date. However, a cost-of-living adjustment shall be paid on a pro-rata basis for any fractional year in excess of six (6) years as of an adjustment date.
(3) For purposes of determining eligibility of a beneficiary for a cost of living adjustment hereunder, the firefighter member's date of retirement shall govern.
(D) The purpose of this subsection (D) is to provide a cost-of-living adjustment to the benefits payable to firefighter members who are hired on or after March 15, 2012, and their beneficiaries. Commencing on September 30, 2012, and on each September 30 thereafter, the benefit of each firefighter retiree who was hired on or after March 15, 2012, or beneficiary of such member shall be adjusted as follows:
(1) The amount of the monthly benefit payable for the twelve (12) month period commencing on the first adjustment date shall be the amount of the monthly benefit plus two percent (2%). The amount of monthly benefit payable for subsequent twelve (12) month periods shall be the amount of the monthly benefit being received on September 30 immediately preceding the adjustment date plus an amount equal to two percent (2%) of said benefit.
(2) To receive a cost-of-living adjustment hereunder, a member must have been a retiree for at least six (6) years as of an adjustment date.
(3) For purposes of determining eligibility of a beneficiary for a cost-of-living adjustment hereunder, the member's date of retirement shall govern.
(Ord. 2000-48, passed 9-21-00; Am. Ord. 2001-64, passed 10-18-01; Am. Ord. 2011-69, passed 3-15-12)