Title
An Ordinance amending Subsection 6-53(b)(2) of the Code of Ordinances relating to the City Employees' Pension Fund to increase annual cost-of-living increases from 3% to 5% effective July 1, 2013. [Council Clerk's Office, Lamb]
Summary
Authorization to amend Section 6-53(b)(2) of the Code of Ordinances to increase the annual cost of living adjustment for the City Employees' Pension Fund members from 3% to 5% effective July 1, 2013. (L0590-13) (Lamb/Hamilton)
This is a request to amend Section 6-53(b)(2) of the Code of Ordinances to increase the annual cost of living adjustment for the City Employees' Pension Fund members from 3% to 5% effective July 1, 2013. There is no budgetary impact.
Budgetary Implications:
Advance Document Review: Law/Risk Management
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This Fiscal Year Impact: $
Annual Impact: $
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Body
BE IT ORDAINED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That Subsection 6-53(b)(2) of the Code of Ordinances, Lexington-Fayette Urban County Government, be and hereby is amended to read as follows:
(2) Beginning July 1, 2013, the board shall grant annual cost-of-living increases of five (5) percent, compounded annually to the members who retired prior to July 1, 1981, or their survivors in the same manner as provided in paragraph (1) of this subsection (b).
Section 2 - That this Ordinance shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
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MAYOR
ATTEST:
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CLERK OF URBAN COUNTY COUNCIL