(A) Any person who is receiving a retirement, death, or disability payment under the terms of this system and who had not begun receiving retirement, death, or disability benefits from any city-sponsored pension program before February 19, 1981, will have his benefits recalculated with such recalculated benefits to commence as of the payment due on the first day of the month on or after the effective date of this section.
(B) The recalculation will be performed using the same benefit formula, continuous service, and earnings as applied when payments under this system commenced; however, average monthly earnings used will be equal to one-twelfth of the arithmetic average of annual earnings for the highest two years of continuous service preceding the actual retirement or termination date of the person. In addition, if the benefit payment is as a result of service-incurred total and permanent disability, the recalculation will be performed using a 66-2/3% factor instead of a 40% factor.
(‘69 Code, § 5-1612 (Ord. 557, passed 2-19-81; Am. Ord. 829, passed 3-4-87; Am. Ord. 1353, passed 9-20-00; Am. Ord. 1480, passed 3-17-04)