(a) The board of trustees of the Firefighters' Pension Fund shall provide annual post-retirement redetermination of pensions. The redetermined amount shall not be less than the amount of pension otherwise payable. Any provision of this subchapter which limits the amount of pension shall not apply to the operation of this section in redetermining the amount of pension. The application of any provision redetermining pension amounts may be restricted to pensions having an effective date of payment either prior to or subsequent to a specified date. Any post-retirement redetermination of one or more pensions within a pension fund shall be prefunded and may not bring the pension fund into noncompliance with the provisions of § 39.339(c).
(b) Pursuant to division (a) above, the pension upon which redeterminations of pension are made shall be increased once on January 1, 1986, by 0.5% for each year of retirement based on the current pension for each person retiring on or before December 31, 1974, and 0.5% for each year of retirement based on the original pension 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 pensions of those retirants and beneficiaries whose pensions were effective 36 full months prior to the date of redetermination, and the pensions 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 pensions of all retirants and beneficiaries and the pensions shall be increased as provided in this section. The pension shall be increased by an amount equal to the current forecast 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 transfer of funds and calculation of benefits required in this section shall be made effective as of the dates mentioned in this section, and the actual transfers and 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., § 2.1141; 1992 Code, § 35-119) (Ord. 2696, 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)