§ 1:269. Retirement benefit adjustments.

A.

Except as excluded by the provisions of subsections B and C of this section, and section 1:270.H of this subpart, during July of each year, any person who has, on July 1 of that year, been receiving benefits from this pension plan, as a retiree of this pension plan, or as a surviving spouse of a retiree of this pension plan in an individual capacity, for at least one (1) year, shall receive a lump-sum retirement benefit adjustment payment from this pension plan. This payment shall be in a base amount of six hundred dollars ($600.00) annually, effective July 1, 1992. Also, for each additional year beyond one (1) year for which the person has been receiving benefits from this system on July 1 of that year, the base amount shall be increased by thirty dollars ($30.00). The payments originally provided for hereby were initiated in July, 1989.

B.

The provisions of this section shall be inapplicable with respect to any person receiving benefits from this system if the person whose membership resulting in the benefits being paid participates or participated in the deferred retirement option plan of the pension plan.

C.

The provisions of this section shall be inapplicable relative to any person who retired from this system after December 31, 1989.

(Ord. No. 10779, § 1, 12-11-96; Ord. No. 16039, § 1, 8-12-15)