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(a) The board of trustees shall provide annual post-retirement redetermination of retirement allowances. The redetermined amount shall not be less than the amount of retirement allowances otherwise payable. Any provision of this subchapter which limits the amount of retirement allowances shall not apply to the operation of this section in redetermining the amount of retirement allowances. The application of any provision redetermining retirement allowance amounts may be restricted to retirement allowances having an effective date of payment either prior to or subsequent to a specified date. Any post-retirement redetermination of one or more retirement allowances within a retirement system shall be prefunded and may not bring the retirement system into noncompliance with the provisions of § 39.252(c).
(b) Pursuant to division (a) above, the retirement allowance upon which redeterminations of retirement allowances are made shall be increased once on January 1, 1986, by 0.5% for each year of retirement based on the current retirement allowance for each person retiring on or before December 31, 1974, and 0.5% for each year of retirement based on the original retirement allowance for each person retiring after December 31, 1974.
(c) (1) Starting January 1, 1991, on the first of the month following the thirty-sixth full month of retirement, the board shall redetermine the retirement allowances of those retirants and beneficiaries whose retirement allowances were effective 36 full months prior to the date of redetermination, and the retirement allowances shall be increased as provided in this section effective on the first of the month following the thirty-sixth full month of retirement. On January 1, 1991, and thereafter on each January 1, the board shall redetermine the retirement allowances of all retirants and beneficiaries, and the retirement allowances shall be increased as provided in this section. The retirement allowance and forecast base shall be increased by an amount equal to the current base times the pension increase percentage. The pension increase percentage shall be equal to the percentage increase, to a maximum of 3%, in the Consumer Price Index for All Urban Consumers, as computed by the United States Department of Labor, for the year ending in the month of June preceding the January 1 redetermination date.
(2) Any calculation of benefits required in this section shall be made effective as of the dates mentioned in this section, and the calculation of benefits may be made on a later date. Changes in amounts paid to retirants and beneficiaries shall be paid as soon as practicable after the end of the calendar year.
(1957 Rev. Ords., § 2.546; 1992 Code, § 35-56) (Ord. 2695, passed 7-27-1970; Ord. 108-85, passed 12-2-1985; Ord. 96-87, passed 11-16-1987; Ord. 110-89, passed 10-16-1989; Ord. 110-90, passed 12-3-1990; Ord. 83-93, passed 11-22-1993; Ord. 118-16, passed 12-20-2016)