§ 35.098. SUPPLEMENTAL RETIREMENT INCOME AND MINIMUM BENEFITS.

Effective as of January 1, 1993, all participants or beneficiaries of participants who were receiving benefits under the plan prior to January 1, 1991, shall have the monthly amount of retirement income increased by five (5) percent over the gross amount they were receiving in December of 1990. In addition, effective August 1, 1999, all participants or beneficiaries of participants who were 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 July 1, 1999, shall not exceed one hundred dollars ($100.00) per month. 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. 48-86, passed 8/12/86; Am. Ord. No. 65-92, passed 12/8/92; Am. Ord. No. 78-93, passed 12/7/93; Am. Ord. No. 41-95, passed 8/8/95; Am. Ord. No. 40-97, passed 9/23/97; Am. Ord. No. 20-99, passed 7/6/99)