Retirement benefit improvement payments shall commence being paid on 4-15-1979, to each retirant or beneficiary who satisfies the applicable following conditions.
(A) Eligibility. To be eligible for a retirement benefit improvement, the retirant or beneficiary must have been in receipt of a retirement allowance for one full calendar year since the date of retirement of the member through 12-31-1978.
(B) Benefit payment. The amount of the retirement benefit improvement to be paid each eligible retiree or beneficiary shall be equal to the sum of $1.50 per month multiplied by the number of each full calendar year that said retiree shall have been retired and receiving a retirement allowance or that said beneficiary shall have been receiving a retirement allowance as a result of the death of the member, including those full calendar years that said retirement allowance was paid to the member prior to death.
(C) Request form. Notwithstanding anything elsewhere in this section to the contrary, no retirement benefit improvement payments shall be paid any eligible retirant or beneficiary until said eligible retirant or beneficiary signs and files with the city’s Finance Director a benefit request form for said additional benefits.
(Prior Code, § 2-244) (Ord. 630, passed 3-12-1979)