The city commission shall, on an annual basis commencing October 1, 1989, review the
status of all service retirees, disability retirees and beneficiaries who are receiving
payments from the system for the purpose of granting an ad hoc increase in benefits
for all such retirees. The annual increase shall not exceed three (3) percent of the
monthly benefits in effect at the time of such review. In determining the annual adjustment,
if any, the city commission shall consider the actuarial soundness of the system as
set forth in the most recent actuarial valuation, the prevailing rate of inflation
as reflected in the consumer price index, and the recommendations of the board of
trustees.
(Ord. No. O-10-16, § 1, 7-26-10)
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