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To amend City Code § 22-8, concerning cost-of-living adjustments, for the purpose of establishing an annual cost-of-living adjustment or supplement policy for the Richmond Retirement System, subject to appropriation by City Council.
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THE CITY OF RICHMOND HEREBY ORDAINS:
§ 1. That section 22-8 of the Code of the City of Richmond (2026) be and is hereby amended as follows:
Sec. 22-8. Cost-of-living adjustments and annual supplements.
(a) In addition to the monthly allowances payable under Articles VII, VIII and XI of this chapter, cost-of-living adjustments [may] or non-compounding annual supplements may be payable, subject to annual appropriations by City Council, as post-retirement supplements authorized by § 5B.02 of the Charter of the City of Richmond (2026), in accordance with the provisions of this section to the recipients of such allowances. Any post-retirement supplements shall be contingent upon actuarially determined System funded status such that cost-of-living adjustments shall only constitute permanent changes to base benefits when the funded status is 95 percent or greater and shall constitute non-compounding annual supplements when the funded status is at least 85 percent but less than 95 percent. Such adjustments and annual supplements shall be subject to the same conditions of payment as are such allowances. Cost-of-living adjustments shall also be added to the monthly allowances being credited to the deferred retirement option program (DROP) established pursuant to Section 22-204 only when the funded status is at least 95 percent.
(b) [The] In accordance with § 5B.02 of the Charter, the amounts of the cost-of-living adjustments or supplements provided for hereunder shall be determined as percentages of the allowances adjusted hereby. Except as may otherwise be specifically ordered by the City Council, such percentages shall be determined [by reference to the increase, if any, in the United States Average Consumer Price Index for all i...
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