§ A8.526-4

SUPPLEMENTAL COST OF LIVING BENEFIT FOR PERSONS HIRED ON AND AFTER JANUARY 7, 2012

a.

Notwithstanding any other provisions of this Charter, for persons who are hired on and after January 7, 2012, all supplemental cost of living benefits adjustments payable, shall be determined under the provisions of Section A8.526-4 and not Sections A8.526-1 or A8.526-3.

b.

(1) On July 1, 2012 and July 1 of each succeeding year, the Retirement Board shall determine whether, in the previous fiscal year, there were earnings in excess of the expected earnings on the actuarial value of the assets. In those years when the previous year’s earnings exceeded the expected earnings on the actuarial value of the assets, and the Retirement System was fully funded based on the market value of the assets, then on July 1, each retirement allowance payable or death allowance payable on account of a member who died, shall be increased by an amount equal to three and one-half percent (3.5%) of the allowance as of June 30, less the amount of any cost of living adjustment provided pursuant to Section A8.526-2, provided there were sufficient excess earnings to provide the benefits in this Section A8.526-4.

(2) If on July 1, 2012 and July 1 of each succeeding year, the previous fiscal year’s earnings exceeded the expected earnings on the actuarial value of the assets, but they were insufficient to increase said allowances by three and one-half percent (3.5%) as provided in Subsection (b)(1), then to the extent of excess earnings, said allowances shall be increased in increments of one-half percent (.5%) up to the maximum three and one-half percent (3.5%) of the allowance as of June 30, less the amount of any cost of living adjustment provided pursuant to Section A8.526-2.

c.

The supplemental cost of living benefit adjustment described above will not be paid in any fiscal year when there were insufficient earnings in excess of the expected earnings on the actuarial value of the assets. In that event, retirement allowances will revert to the level they would have been if supplemental cost of living benefit adjustments had never been made.

History

(Added by Proposition C, Approved 11/8/2011)

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