§ 62-89.1. 1999 lump sum payment for city retirants.

(a)

Eligible retirant/beneficiary. "Eligible retirant/beneficiary" shall include any city retirant (or beneficiary of any deceased retirant) (excluding any hospital or housing commission retirant) who has been retired five or more years on August 1, of each year.

(b)

Annual increase amount. The lump sum payment shall be based on the retirant's years of retirement and years of service divided by the groups' total years of retirement and years of service multiplied by the amount of money, if any, that the retirement board and city council establish for that year. The lump sum payment will be paid as a separate check on September 15 of each year that the program is in effect.

(c)

Reevaluation of program. On an annual basis, the retirement lump sum payment plan will be reviewed. Any future lump sum payments will be based on the financial performance and condition of the retirement system as determined by the retirement board and city council. Each year the retirement board shall present a recommendation by July 1 as to whether there will be a lump sum payment for that year and the amount of money, if any, to be distributed that year. Final decision on any aspect of this program remains solely with the city council.

(Ord. No. 99-297, § 1, 7-19-99)