§ 203-56. Cost-of-Living Adjustments.

(a)

Through December 31, 2015, all Retirees in Groups A, B and C and the Optionees thereof entitled to benefits pursuant to Section 203-63, shall receive an annual cost-of-living adjustment to their benefit amount which adjustment shall be three (3) percent per year compounded annually. For Retirees and Optionees who begin receiving benefits on or after January 1, 1998, the cost-of-living adjustment will commence one year after the initial receipt of benefits.

(b)

Through December 31, 2015, all Retirees in Groups D, E, F and G and the Optionees thereof entitled to benefits pursuant to Section 203-63, shall receive an annual cost-of-living adjustment to their benefit amount which adjustment shall be indexed to the CPI-U but shall not exceed two (2) percent per year. The annual cost-of-living adjustment shall not compound annually. This cost-of-living adjustment will commence one year after the initial receipt of benefits.

(c)

Effective January 1, 2016, the annual cost of living adjustment for current and future Retirees and Optionees in the Current Employees Class and the Retirees Class, except as provided in this Section, will be a three (3) percent fixed simple adjustment.

(i)

For those Members who retired prior to July 1, 1987, the cost of living adjustment calculation under this subsection (c) will be effective on January 1, 2016. For those Members who retired on or after July 1, 1987, the cost of living adjustment calculation under this subsection (c) will commence on their retirement anniversary date.

(ii)

For purposes of calculating the simple cost of living adjustment in this subsection (c) for Members of the Retirees Class, the basis amount upon which the adjustment will be calculated will be the gross monthly pension amount on January 1, 2016, including all previously granted cost of living adjustments. For Members of Groups C, D, E, F and G, the basis amount upon which the cost of living adjustment will be calculated will be the gross monthly benefit as of their Retirement Effective Date.

(iii)

Effective January 1, 2016, no member of the Retirees Class shall be entitled to a simple cost of living adjustment for a period of three (3) years unless the Member is entitled to the cost of living poverty exception. The suspension period shall commence upon January 1, 2016, or the anniversary date of the individual Member's Retirement, whichever date is later. In 2018, members of the Retirees Class shall receive a one-time payment calculated at three (3) percent of their base pension annuity benefit (but in any event, no greater than $1,000). This payment will be made on the Retiree Class Member's retirement anniversary date.

(iv)

Members of Groups C, D, E, F and G shall be subject to a three-year cost of living adjustment delay period during which he or she will not receive a cost of living adjustment. For those members of the Current Employees Class who retired after July 1, 2011 and on or prior to January 1, 2016, the three-year cost of living adjustment delay period begins on their next retirement anniversary date or on January 1, 2016, whichever is later. Members in Groups C, D, E, F, and G who are not members of the Current Employees Class, will be subject to a three (3) year cost of living adjustment delay period beginning on January 1, 2017 or on the first anniversary of their Retirement Effective Date, whichever is later.

(v)

Each Current Employees Class Member who is a Member of Group C shall receive a one-time payment pursuant to the following schedule, to be paid no later than 90 days after the Effective Date of the Collaborative Settlement Agreement or within 90 days following the Member's Retirement, if later:

(A)

Retired after July 1, 2011 through December 31, 2011: $125

(B)

Retired on or after January 1, 2012 through December 31, 2012: $250

(C)

Retired on or after January 1, 2013 through December 31, 2013: $375

(D)

Retired on or after January 1, 2014 through December 31, 2014: $500

(E)

Retired on or after January 1, 2015: $625

(vi)

Any Member of the Retirees Class or the Current Employees Class (or their Optionee or Beneficiary entitled to continuing Retirement System benefits) who retired (or retires) with at least five years of Creditable Service and whose household income is below 150% of the U.S. Department of Health and Human Service's updated annual poverty guideline pursuant to 42 U.S.C. § 9902(2) will receive an annual cost-of-living adjustment to their benefit amount which adjustment shall be three (3) percent per year compounded annually, without being subject to any cost of living adjustment delay or suspension. If for that year and any subsequent year their household income (as defined in Cincinnati Municipal Code § 203-42) exceeds 150 percent of the federal poverty guidelines, such Retirees will receive an annual cost of living adjustment which shall be a three (3) percent fixed simple adjustment, after appropriate notice has been provided to the qualifying Retirees and Optionees. In order to be eligible under this Section, the Retiree must provide satisfactory documentation of their household income to the Board in a timely manner. Failure to provide satisfactory documentation in a timely manner may result in a waiver of any retroactive claims for the application of the compound cost of living adjustment provided for under this Section.

(d)

The total retirement allowance including the adjustments payable herein shall not exceed the limit established by Section 415 of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 415, as amended.

(Ord. No. 389-1998, eff. Nov. 20, 1998; a. Ord. No. 084-2011, § 13, eff. April 16, 2011; a. Ord. No. 336-2016, § 1, eff. Nov. 26, 2016)