A. The contribution limits set forth in this chapter shall be adjusted in the first quarter of every odd-numbered year to reflect any increase or decrease in the cost of living over the previous two-year period, as shown by the Bureau of Labor Statistics Consumer Price Index for All Urban Consumers (CPI-U). Such adjustments shall be rounded off to the nearest fifty dollars ($50.00). No later than March 31st of each odd-numbered year, the city clerk shall bring forth to the city council an ordinance amending the contribution limit amounts stated in this chapter to reflect the increase or decrease in the CPI-U pursuant to this section.
B. In addition to, or in lieu of, the cost of living adjustments provided for in subsection A of this section, the city council may adjust the contribution limits set forth in this chapter at any time and in the amounts that it determines to be appropriate by adoption of an ordinance amending this chapter. (Ord. 2009-020 § 5; Ord. 2005-072 § 7; Ord. 2000-048 § 1)