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(a) Any officer or employee who retires from city employment with an immediate annuitized pension benefit after December 31, 2013, shall upon retirement receive a monthly stipend. The stipend shall be paid at the rate of $40 per month per year of service until such retirant is Medicare eligible or upon death, whichever is sooner. Such stipend shall be adjusted for inflation at an annual rate of 3% beginning in January, 2015.
(b) Credited service for purposes of calculation of the monthly stipend will be determined in the same manner as identified in § 39.309 for members that retire with a regular, early reduced, duty-incurred disability or non-duty-incurred disability retirement benefit.
(Ord. 24-13, passed 5-7-2013; Ord. 118-16, passed 12-20-2016)