(A) The provisions of this section shall be effective 12-15-1980 and shall be operative during a fiscal year if the:
(1) Retirement commission adopts a resolution as of September 30 of each fiscal year to allocate moneys to the Special Retirement Reserve Fund for the fiscal year under § 32.026(F) of this chapter; and
(2) The City Council adopts a resolution declaring the provisions of this section in effect for the fiscal year.
(B) Subject to the preceding restrictions, to be eligible for a special supplemental retirement benefit allowance, the retirant or beneficiary must have been in receipt of a retirement allowance for one full calendar year as of the September 30 prior to receiving a retirement allowance. Police members hired after 2-1-1999 are ineligible for any improvement or supplemental payments of retirement allowances payable to retirants of the retirement system.
(C) The amount of the special supplemental retirement allowance to be paid each eligible retirant or beneficiary shall be equal to one-half of the total moneys credited to the special Retirement Reserve Fund as of September 30 of each fiscal year under § 32.026(F) of this chapter divided by the total number of years of credited service for all eligible retirants and beneficiaries of the system multiplied by each retirant’s or beneficiary’s respective years of credited service in the system.
(D) Payment of the special supplemental retirement benefit allowance set forth herein shall be paid to each eligible retirant or beneficiary on December 15 of each year.
(E) A request form shall be submitted to each eligible retirant or beneficiary, and shall be returned within 30 days of mailing. Failure to return the form will eliminate the benefit payment to the retirant or beneficiary for that fiscal period.
(F) In the case of a beneficiary, the effective date of the special supplemental retirement benefit allowance shall be the date of death of the member of the system or the date of retirement of the member of the system, as the case may be.
(G) The Commission shall evaluate the requirements of this section and the possibility of increasing benefits under this section each fiscal year.
(H) Notwithstanding anything in this section to the contrary, no special supplemental retirement benefit allowance shall be made to any retirant or beneficiary in any fiscal year unless sufficient moneys are available in the Special Retirement Reserve Fund to make the benefit payments provided in division (C) above.
(Prior Code, § 2-245) (Ord. 697, passed 6-8-1981; Ord. 1485, passed 4-20-2020)