(a) Annually, the Pension Committee shall determine the cost of living adjustment for those participants who have been receiving benefits for a minimum of six months.
(b) On an annual basis, the Borough Council shall approve a post-retirement cost-of- living adjustment to the benefit of eligible participants, subject to the following limitations:
(1) The cost of living increase shall not exceed the percentage increase in the Consumer Price Index from the year in which the member last worked.
(2) In no case may the total police pension benefits exceed 75% percent of the officer's salary for computing retirement benefits.
(3) The retired officer's total cost of living increase(s) shall not exceed 30%, or the maximum allowable under Act No. 600 of 1958, as amended, whichever is smaller.
(4) No cost of living increase(s) shall be granted which would impair the actuarial soundness of the pension plan.
(c) The annual cost of living adjustment (COLA) shall be based upon the Philadelphia Urban Wage Earners and Clerical Workers CPI 12-month average for the period ending September 30 of each calendar year.
(Ord. 841. Passed 3-9-87; Ord. 957. Passed 12-11-00; Ord. 1094. Passed 11-8-21.)