§ 33.68. SUPPLEMENTAL RETIREMENT INCOME AND MINIMUM BENEFIT FOR MEMBERS WHO RETIRED PRIOR TO CERTAIN DATE.

(A)

Members and beneficiaries of members who retired prior to October 1, 1987, shall receive an increase in their retirement income calculated in accordance with Sections 33.62 and 33.63, equal to two (2) percent for each year from the date of the member's retirement through September 30, 1987. The supplemental and minimum retirement income provided in this Section shall be paid effective January 1, 1988. The supplemental retirement income provided in this Section shall not be subject to the benefit offset contained in subsections 33.62(E)(5)(e) and (E)(7).

(B)

Members and beneficiaries of members who retired or terminated employment prior to October 1, 1990, and began receiving benefits prior to the effective date of this ordinance, shall receive an increase in their retirement income calculated in accordance with Sections 33.62, 33.63, 33.68(A), equal to five (5) percent. The supplemental and minimum retirement income provided in this Section shall be paid effective April 1, 1993. The supplemental retirement income provided in this Section shall not be subject to the benefit offset contained in subsections 33.62(E)(5)(e) and (E)(7).

(C)

Effective August 1, 1999, all participants or beneficiaries of participants who are receiving benefits under the plan prior to September 30, 1993, shall have the monthly amount of retirement income increased by five (5) percent over the gross amount they were receiving in August of 1993. Provided, however, this increase effective August 1, 1999, shall not exceed one hundred dollars ($100.00) per month.

(D)

Effective August 1, 1999, all participants with ten (10) or more years of credited service and designated beneficiaries of such participants who receive plan benefits that are based on or derived from the participant's normal retirement income, regardless of the participant's retirement date, shall receive benefits based on a minimum monthly normal retirement income amount of at least five hundred dollars ($500.00) per month.

(Ord. No. 102-87, passed 12/22/87; Am. Ord. No. 38-93, passed 6/8/93; Ord. No. 21-99, passed 7/6/99)