Annually, the Pension Committee of the Borough of Swarthmore shall consider a cost of living adjustment for those participants who have been receiving retirement benefits for a minimum of six months.
On an annual basis, Borough Council shall have the right to approve a post-retirement cost of living adjustment to the benefits of eligible participants, subject to the following limitations:
(a) 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;
(b) In no case shall the total Borough employee benefits exceed seventy-five percent of the employee's salary for computing retirement benefits;
(c) No cost of living increase(s) shall be granted which would impair the actuarial soundness of the Employees' Pension Plan.
(Ord. 840. Passed 3-9-87.)