(A) In the event the annual pension benefit of a retiree with a spouse and who retires on or after: March 1, 1978, in the case of a firefighter member; or July 1, 1978, in the case of a member who is a police sergeant, police lieutenant, police captain, assistant police chief, or police chief; or January 1, 1980, in the case of a member who is a police patrol officer, as the case may be, should fall below the total budget costs for a retired couple as stated by the Bureau of Labor Statistics “Annual Costs of the Urban Retired Couple’s Lower Budget” based upon total budget costs for the metropolitan United States, a married retiree’s pension benefits shall be increased to 100% of the Bureau of Labor Statistics “Annual Cost of the Urban Retired Couple’s Lower Budget” provided the retiree retired with 25 years or more credited service and retired as provided for in §§ 16.09, 16.10, 16.15, or 16.17 or when a member becomes covered as provided in § 16.18(B) of the Saginaw Police Officers and Firefighters Retirement System.
(B) If a member is without a spouse or has a sole surviving spouse and if the retirement entitling the member to pension benefits occurred on or after: March 1, 1978, in the case of a firefighter member; July 1, 1978, in the case of a member who is a police sergeant, police lieutenant, police captain, assistant police chief, or police chief; January 1, 1980, in the case of a member who is a police patrol officer; or July 1, 1992 in the case of a member who is a firefighter, as the case may be, and otherwise meets the applicable requirements set forth in division (A) above, then the member’s annual pension benefit shall be adjusted so as never to fall below 60% or 100% for a firefighter member who retires on or after July 1, 1992, of the Bureau of Labor Statistics “Annual Cost of the Urban Retired Couple’s Lower Budget.”
(C) Except as provided in division (D) below, the adjustments provided in divisions (A) and (B) above shall be made prospectively only in the first pension check issued in which the adjustment can practically be made after the release of the Bureau of Labor Statistics “Annual Costs of the Urban Retired Couple’s Lower Budget”. The aforesaid adjustments shall be made annually and shall under no circumstances cause a retiree’s annual pension to exceed the latest released “Annual Costs of the Urban Retired Couple’s Lower Budget” except as provided in division (E) below.
(D) In the event that the Bureau of Labor Statistics does not publish the “Annual Costs of the Urban Retired Couple’s Lower Budget” within 13 months of the publication of the last such figures, the adjustment provided in divisions (A) and (B) above shall be made in the first check in which it can practically be made after the release of the new “Annual Costs of the Urban Retired Couple’s Lower Budget” and this adjustment shall be retroactive to the twelfth month following the month in which the last such adjustment was made.
(E) In the event that the Bureau of Labor Statistics terminates publication of the “Annual Costs of the Urban Retired Couple’s Lower Budget”, the next annual adjustments provided in divisions (A) and (B) above shall be made based upon a figure derived by increasing the last published “Annual Costs of the Urban Retired Couple’s Lower Budget” by the percentage of increase in the Bureau of Labor Statistics All Urban Consumers Index in the last 12 monthly releases of that Index prior to the annual adjustment date. Each subsequent annual adjustment provided in divisions (A) and (B) above shall be made based upon a figure derived by increasing the previous adjustment figure by the percent of increase in the Bureau of Labor Statistics All Consumers Index in the last 12 monthly releases of that Index prior to each annual adjustment date.
(F) In no event shall any retiree’s pension be reduced below the original amount as allowed in § 16.12.
(G) The guaranteed living standard contained in this division (G) shall not apply to police patrol officer members.
(1) (a) In the event the annual pension benefit of a retiree with a spouse and who retires on or after: January 1, 1980, for a member who is a police sergeant, police lieutenant, police captain or assistant police chief; or July 1, 1980, for a firefighter member, should fall below the total budget cost for a retired couple as stated by the Bureau of Labor Statistics “Annual Cost of the Urban Retired Couple’s Intermediate Budget” based upon total budget cost for the metropolitan United States, a married retiree’s pension benefit shall be increased to 100% of the Bureau of Labor Statistics “Annual Cost of the Urban Retired Couple’s Intermediate Budget” provided the retiree retired with 25 years or more credited service and retired as provided for in §§ 16.09, 16.10, 16.16, or 16.17, or when a member becomes covered as provided in § 16.18(B) of the Saginaw Police Officers and Firefighters Retirement System.
(b) July 1, 1985, through June 30, 1990, the aforesaid benefits will be granted to firefighter members who elect to retire during this time period if they retire with 20 years or more of credited service; provided, however, that from July 1, 1990, onward, retiring firefighter members will again be required to have 25 years or more of credited service to receive this benefit.
(2) (a) If a member is without a spouse or has a sole surviving spouse and if the retirement entitling the member to pension benefits occurred on or after: January 1, 1980, for a member who is a police sergeant, police lieutenant, police captain, or assistant police chief; or July 1, 1980, for a firefighter member, and otherwise meets the applicable requirements set forth in division (G)(1) above, then the member’s annual pension benefit shall be adjusted so as never to fall below 60% of the Bureau of Labor Statistics “Annual Cost of the Urban Retired Couple’s Intermediate Budget”.
(b) From July 1, 1985, the aforesaid benefits will be granted to firefighter members who retire with 20 years or more of credited service provided that they have attained the actuarial age of 50 years.
(3) Except as provided in division (G)(4) below, the adjustments provided in divisions (G)(1) and (G)(2) above shall be made prospectively only in the first pension check issued in which the adjustment can practically be made after the release of the Bureau of Labor Statistics “Annual Cost of the Urban Retired Couple’s Intermediate Budget”. The aforesaid adjustments shall be made annually and shall under no circumstances cause a retiree’s annual pension to exceed the latest released “Annual Cost of the Urban Retired Couple’s Intermediate Budget” except as provided in division (G)(5) below.
(4) In the event that the Bureau of Labor Statistics does not publish the “Annual Cost of the Urban Retired Couple’s Intermediate Budget” within 13 months of the publication of the latest such figures, the adjustment provided in divisions (G)(1) and (G)(2) above shall be made in the first check in which it can practically be made after the release of the new “Annual Cost of the Urban Retired Couple’s Intermediate Budget” and this adjustment shall be retroactive to the twelfth month following the month in which the last such adjustment was made.
(5) In the event that the Bureau of Labor Statistics terminates publication of the “Annual Cost of the Urban Retired Couple’s Intermediate Budget”, the next annual adjustments provided in divisions (G)(1) and (G)(2) above shall be made based upon a figure derived by increasing the last published “Annual Cost of the Urban Retired Couple’s Intermediate Budget” by the percentage of increase in the Bureau of Labor Statistics All Urban Consumers Index in the last 12 monthly releases of that Index prior to the annual adjustment date. Each subsequent annual adjustment provided in divisions (G)(1) and (G)(2) above shall be made based upon a figure derived by increasing the previous adjustment figure by the percent of increase in the Bureau of Labor Statistics All Urban Consumers Index in the last 12 monthly releases of that Index prior to each annual adjustment date.
(6) In no event shall any retiree’s pension be reduced below the original amount as allowed in § 16.12.
(H) The foregoing guaranteed living standards contained in this section shall not apply to police patrol officer members who retire on or after July 1, 1983, or members who are a police sergeant, police lieutenant, or police captain who retire on or after January 1, 1985.
(I) The foregoing guaranteed living standards contained in this section shall not apply to firefighter members who retire on or after July 1, 1997.
(Prior Code, § 16.13) (Ord. D-678, passed 1-18-1965, effective 2-1-1965; Ord. D-1592, passed 6-19-1989, effective 6-29-1989; Ord. D-1737, passed 3-20-1995, effective 3-30-1995; Ord. D-1856, passed 7-24-2000, effective 8-3-2000)