Common use of Escalation of Benefit Clause in Contracts

Escalation of Benefit. Commencing with the January 1st following a member’s actual retirement date, the member’s pension shall be increased each January 1st by the percentage set out in the existing pension escalation formula. Any spousal pension will also be escalated on the existing formula, with the first increase occurring on the January 1st following the member’s date of death.

Escalation of Benefit. Commencing For members retiring on or after April 21, 1991, commencing with the January 1st following a member’s 's actual retirement date, the member’s 's accrued pension and lifetime supplement, if any, shall be increased each January 1st by the 12 months percentage set out increase in the existing pension escalation formulaIndex as of the prior September 1st, to a maximum of 2% per year. Any spousal pension will also be escalated on the existing formula, with the first increase occurring on the January 1st following the member’s 's date of death.