Guaranteed purchasing power non-tier 2 members.
San José Municipal Code § 3.28.1195
in effect3.28.1195 - Guaranteed purchasing power non-tier 2 members.
Beginning January 1, 2018, the annual retirement benefit of each member who is not a Tier 2 member shall be evaluated to determine if such member's retirement allowance (including any cost of living adjustments) is equal to at least seventy-five percent (75%) of the purchasing power of the member's retirement allowance at retirement. Each member's purchasing power shall be measured by reference to the most current consumer price index for all urban consumers (CPI-U), San Francisco-Oakland-San José metropolitan area. If the member's retirement allowance falls below seventy-five percent (75%) of purchasing power, the member shall receive a lump sum payment of the difference between the member's current retirement allowance required to achieve seventy-five percent (75%) purchasing power. Purchasing power payments shall be received by as a separate line item on the pension check each February, as needed, to achieve seventy-five percent (75%) of the purchasing power the member had at the time of retirement.
(Ords. 29904, 30017.)
Source: City of San José, Municipal Code (Municode Library, library.municode.com)URL: https://library.municode.com/ca/san_jose/codes/code_of_ordinances?nodeId=TIT3PE_IIREPL_CH3.281975FEEMREPL_PT9RESE_3.28.1195GUPUPONER2MEFetched: 11/1/2026