§ 18. Cost-of-Living Increase.

(1)

Any member of the Orlando Police Department who retires with 20 or more years of credited service, or who retires on a line-of-duty disability pension regardless of years of service, shall receive an annual cost-of-living increase of 2 percent per year beginning at age 55.

(2)

The actuarially determined cost of this benefit shall be borne by all of the members of this retirement plan.

(3)

Upon the death of a member who retired with 20 or more years of actual credited service, the cost-of-living benefit shall be payable in the same manner as provided in section 6(2), (3), (4), (5), and (6) of this retirement plan; otherwise, the entitlement to a cost-of-living increase ceases upon the death of the retired member.

(Laws of Fla. ch. 95-482, § 18)