Cost of living adjustments.
Oklahoma City Municipal Code § 40-79
in effect§ 40-79. - Cost of living adjustments.
(a) Subject to the limitations set forth in this section, all persons receiving benefits pursuant to the provisions of this division may have their benefits adjusted by the amount of the change in the Consumer Price Index over the previous year ended December 31, provided such adjustment shall not exceed two percent of the current benefits. Eligibility for cost-of-living adjustments shall not begin until the first day of the month following the month in which four years of benefits have been received from the effective date of benefit commencement, unless the Participant has attained his/her Normal Retirement Age as defined in Section 40-51 at his/her retirement date or is granted a Disability allowance. In the case of the latter, one year of benefits must have been received from the effective date of benefit commencement before the cost-of-living adjustments begin. The application of this section shall be prospective for the date of enactment and will be paid beginning the first day of the month following the month of enactment.
(b) The Board can authorize a stipend be paid to all pension benefit recipients currently receiving a cost-of-living adjustment. Prior to payment of a stipend, an actuary must evaluate the impact of the stipend on the ability of the fund to meet its financial obligations to retirees. A stipend can be granted once per calendar year.
(c) Nothing in this section shall be construed as requiring a cost-of-living adjustments or stipend be granted.
(Ord. No. 21916, § 2, 2-12-02; Ord. No. 23463, § 2, 10-9-07; Ord. No. 24652, § 1, 4-23-13; Ord. No. 27216, § 1, 11-22-22)
Source: City of Oklahoma City, Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/ok/oklahoma_city/codes/code_of_ordinances?nodeId=OKMUCO2020_CH40PERESY_ARTIIIPERE_DIV1EMREPR_PTBGEPR_S40-79COLIADFetched: 10/28/2026