[Approved 12-15-2006 by Ch. No. 2836]
A. 
Police officers.
(1) 
Any police officer who retired after July 1, 1988, or who retires in the future shall, on July 1 each year, be entitled to an increase in his or her monthly retirement benefits according to the following schedule:
Date of Retirement
Annual Increase
Between 7/1/1988 and 6/30/1989
1%
Between 7/1/1989 and 6/30/1994
1.5%
Between 7/1/1994 and 6/30/1996
1.75%
Between 7/1/1996 and 6/30/1998
2%
After 7/1/1998
3%
(2) 
The increases set forth above shall be compounded on July 1 each year and remain in effect for the life of the retired police officer and/or his or her spouse.
B. 
Firefighters.
(1) 
Any firefighter who retired after April 1, 1984, or who retires in the future shall, on July 1 each year, be entitled to an increase in his or her monthly retirement benefits according to the following schedule:
Date of Retirement
Annual Increase
Between 4/1/1984 and 6/30/1986
3%
Between 7/1/1986 and 6/30/1994
1.5%
Between 7/1/1994 and 6/30/1995
1.75%
Between 7/1/1995 and 6/30/1999
2%
After 7/1/1999
3%
(2) 
The increases set forth above, except with respect to the annual increase of 3% for firefighters who retired between April 1, 1984, and June 30, 1986, shall be compounded on July 1 each year and remain in effect for the life of the retired firefighter and/or his or her spouse. The annual increase of 3% for firefighters who retired between April 1, 1984, and June 30, 1986, shall be compounded every three years.
[Amended 2-20-2014 by Ch. No. 3044]