Res 17-74 RESOLUTION NO. 17-74.
A RESOLUTION OF THE CITY COU~CIL OF THE CITY OF
DELRAY BEACH, FLORIDA, Ai'4E[~-DING THE PENSION PLAN
FOR THE GENERAL EMPLOYEES OF THE CI75~ BY PRO-
VIDING A FIFTY PERCENT (5~L) INCREASE IN PAYMENTS
TO THE RETIREES AND BENEFICIARIES AS OF APRIL 1,
1974, WITH PAYMENTS CO~ENCING ON [~LAY 1, 1974.
WHEREAS, the City Council, upon investigation and study, has
determined that the present retired employees and beneficiaries of
the City Pension Plan are receiving inadequate payments due to
inflation resulting in an increase in cost of living; and,
WHEREAS, said retirees and beneficiaries of the plan are re-
ceiving inadequate payments despite long faithful years of service
to this city,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF DELRAY BEACH:
Section 1. That Resolution No. 1489, as amended by Resolu-
tions No. 73-70 and No. 25-71, is hereby amended to increase the
payments to the nineteen (19) retirees and beneficiaries, who are
presently receiving payments, as of April 1, 1974, by fifty percent
(50%) o
Section 2. That the fifty percent (50%) increase shall take
effect with the May 1, 1974 payment.
Section 3. That increased cost for the pension increase of
$535.64 per month (from $1,071.28 to $1,606.92) shall be charged
against the assets of the pension plan for the general employees of
the City.
Section 4. That this Resolution shall take effect immediately
upon passage.
PASSED AND ADOPTED in regular session on this the 8th day of
A~ril, 1974.
ATTEST: M A Y 0 R
City Clerk