(A) Each participant who meets the following requirements shall be entitled to receive a cost of living adjustment to his retirement benefit:
(1) He is a participant in the DROP program, as provided in § 38.031; or
(2) He begins to receive retirement or disability benefits from the Plan on or after October 1, 2001.
(B) (1) Each yearly date on and after October 1, 2004, such participant's monthly retirement benefit payments shall be increased as follows:
(a) Three percent, if he is receiving monthly retirement benefit payments or is participating in the DROP before February 1, 2010.
(b) Three percent, if he attained normal retirement date on or before February 1, 2010, and he is still actively employed on February 1, 2010 and is not participating in the DROP.
(c) Two percent, if he attained normal retirement date or became a participant in the DROP after February 1, 2010.
(2) An amount of monthly retirement benefit will be provided for him under the annuity contract in the amount of such increase with payments being made as to the monthly retirement annuity provided under the annuity contract on the participant's retirement date or his entry into the DROP.
(C) On and after the effective date of termination of the Plan pursuant to § 38.070, no further changes in monthly retirement benefit payments will be made in accordance with this section.
(D) Notwithstanding the above, any participant who is covered under a collective bargaining agreement with the employer who is an employee of the employer and who meets the requirements for normal retirement date on or before July 1, 2010, will continue to be eligible for benefits under this section. However, any participant who is covered under a collective bargaining agreement with the employer who has not met the requirements for normal retirement date on or before July 1, 2010, and has not commenced receiving his monthly retirement benefit as of July 1, 2010, shall not be eligible for the cost of living adjustment. (Ord. 1806, passed 1-7-15)