(a) Every retirement allowance payable to or on account of a member who retired, for service under the provisions of Subsection (b) of Section 8.509 of this Charter on or after July 1, 1947, and prior to July 1, 1974, after having attained the age of 60 years, is hereby increased for time commencing on July 1, 1974, to the amount it would have been if such allowances had been computed, on the date such retirement allowance was first effective, on the basis of two percent of such member's average final compensation for each year of credited service.
(b) Every retirement allowance payable to or on account of a member who retired, for service under the provisions of Subsection (b) of Section 8.509 of this Charter on or after July 1, 1947, and prior to July 1, 1974, prior to having attained the age of 60 years is hereby increased for time commencing on July 1, 1974, to the amount it would have been if such allowance had been computed, on the date such retirement allowance was first effective, on the basis of the percent of such member's average final compensation for each year of credited service as is set forth in the following table opposite his age at retirement, taken to the preceding completed quarter year:
Age at Retirement | Percent for Each Year ofCredited Service |
Age at Retirement | Percent for Each Year ofCredited Service |
55 | 1.5000 |
55¼ | 1.5250 |
55½ | 1.5500 |
55¾ | 1.5750 |
56 | 1.6000 |
56¼ | 1.6250 |
56½ | 1.6500 |
56¾ | 1.6750 |
57 | 1.7000 |
57¼ | 1.7250 |
57½ | 1.7500 |
57¾ | 1.7750 |
58 | 1.8000 |
58¼ | 1.8250 |
58½ | 1.8500 |
58¾ | 1.8750 |
59 | 1.9000 |
59¼ | 1.9250 |
59½ | 1.9500 |
59¾ | 1.9750 |
In no event shall a member's retirement allowance, as increased under the provisions of paragraph (a) or (b) of this section, exceed 75 percent of his average final compensation.
(c) Every retirement allowance payable to or on account of a member who retired for disability under the provisions of Subsection (c) of Section 8.509 of this Charter on or after July 1, 1947, and prior to July 1, 1974, is hereby increased for time commencing on July 1, 1974, to the amount it would have been if such allowance had been computed, on the date such retirement allowance was first effective as follows:
(1) On the basis of one and eight-tenths percent of such member's average final compensation for each year credited service, if such retirement allowance exceeds 40 percent of his said average final compensation;
(2) If such retirement allowance, as increased, does not exceed 40 percent of such member's average final compensation, the increase provided under this section shall be computed on the basis of one and eight-tenths percent of his average final compensation multiplied by the number of years of City-service which would be credited to him were such City-service to continue until attainment by him of the age of 60 years; provided, however, that such retirement allowance shall not exceed 40 percent of his said average final compensation.
With respect to members whose retirement allowances were first effective prior to January 1, 1972, "average final compensation" as used in this Section 8.536 shall mean the average monthly compensation earned by the member during any 12 consecutive months of credited service in the Retirement System in which his average compensation is the highest.
This section does not give any person retired under the provisions of Section 8.509, or his successors in interest, any claim against the City and County for any increase in any retirement allowance paid or payable for time prior to July 1, 1974.
Any increase in any retirement allowance resulting from the recalculation provided for in this section, shall be disregarded in connection with any adjustment of retirement allowances pursuant to the provisions of Section 8.526 of this Charter.