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<br /> <br /> <br /> <br /> <br /> <br /> benefits payable by the System to retired employees and to <br /> beneficiaries of deceased employees of the City under current <br /> service annuities and prior service annuities arising from <br /> service by such employees to the City. An annuity increased <br /> under this Section replaces any annuity or increased annuity <br /> previously granted to the same person. <br /> (b) The amount of annuity increase under this Section <br /> is computed as the sum of the prior service and current <br /> service annuities on the effective date of retirement of the <br /> person on whose service the annuities are based, multiplied <br /> by 70% of the percentage change in Consumer Price Index for <br /> All Urban Consumers, from December of the year immediately <br /> preceding the effective date of the person's retirement to <br /> the December that is 13 months before the effective date of <br /> this Section. <br /> (c) An increase in an annuity that was reduced because <br /> of an option selection is reducible in the same proportion <br /> and in the same manner that the original annuity was reduced. <br /> (d) If a computation hereunder does not result in an <br /> increase in the amount of an annuity, the amount of the <br /> annuity will not be changed hereunder. <br /> (e) The amount by which an increase under this Section <br /> eYCeeds all previously granted increases to an annuitant is <br /> an obligation of this City and of its account in the munic- <br /> ipality accumulation fund of the System. <br /> <br /> Section 3. Effective Date. <br /> Subject to approval by the Board of T'rustees of the <br /> System, this ordinance shal:L be and become effective on the <br /> lst day of January, 1993. <br /> <br /> Passed and adopted this 9th day of November, 1992. <br /> <br /> <br /> <br /> orge Fis er, Mayor <br /> <br /> ATTEST: <br /> <br /> <br /> <br /> Mattie Cunningham, City lerk <br /> <br /> <br /> APPROVED AS FORM: <br /> <br /> <br /> <br /> T. K. ayne ity Attorney <br />