(a) Each annuity which became effective before July 1, 1975, shall be adjusted on July 1, 1975. Such adjustment shall be added to and become a part of the annual annuity. The amount of adjustment shall be:
(1) For retirants, fifty dollars ($50.00) for each full year between the date of retirement and July 1, 1975; and
(2) For beneficiaries, twenty-five dollars ($25.00) for each full year between the date of retirement and July 1, 1975.
(b) Each annuity of seven thousand five hundred dollars ($7,500) or less which became effective before July 1, 1980, shall be adjusted on July 1, 1980. Such adjustment shall be added to and become part of the annual annuity. The amount of this adjustment shall equal one-half percent of the benefit payable without regard to this subsection times the number of full years between the effective date of retirement and July 1, 1980. The minimum annual annuity after this adjustment shall be:
(1) For retirants, three thousand five hundred dollars ($3,500); and
(2) For beneficiaries, one thousand seven hundred fifty dollars ($1,750).
However, such annuity after adjustment shall not exceed three thousand five hundred dollars ($3,500) for retirants and one thousand seven hundred fifty dollars ($1,750) for beneficiaries.
(c) Each annuity of seven thousand five hundred dollars ($7,500) or less which became effective before July 1, 1980, shall be adjusted on July 1, 1981. Such adjustment shall be added to and become part of the annual annuity. The amount of this adjustment shall equal one-half percent of the benefit payable without regard to this subsection times the number of full years between the effective date of retirement and July 1, 1981. The minimum annual annuity after this adjustment shall be:
(1) For retirants, four thousand five hundred dollars ($4,500); and
(2) For beneficiaries, two thousand two hundred fifty dollars ($2,250).
However, such annuity after adjustment shall not exceed four thousand five hundred dollars ($4,500) for retirants and two thousand two hundred fifty dollars ($2,250) for beneficiaries.
(d) Each annuity of seven thousand five hundred dollars ($7,500) or less which became effective before July 1, 1980, shall be adjusted on July 1, 1982. Such adjustment shall be added to and become part of the annual annuity. The amount of this adjustment shall equal one-half percent of the benefit payable without regard to this subsection times the number of full years between the effective date of retirement and July 1, 1982. The minimum annual annuity after this adjustment shall be:
(1) For retirants, five thousand five hundred dollars ($5,500); and
(2) For beneficiaries, two thousand seven hundred fifty dollars ($2,750).
However, such annuity after adjustment shall not exceed five thousand five hundred dollars ($5,500) for retirants and two thousand seven hundred fifty dollars ($2,750) for beneficiaries.
(e) Each annuity of seven thousand five hundred dollars ($7,500) or less which became effective before July 1, 1980, shall be adjusted on July 1, 1983. Such adjustment shall be added to and become part of the annual annuity. The amount of this adjustment shall equal one-half percent of the benefit payable without regard to this subsection times the number of full years between the effective date of retirement and July 1, 1983. The minimum annual annuity after this adjustment shall be:
(1) For retirants, six thousand five hundred dollars ($6,500); and
(2) For beneficiaries, three thousand two hundred fifty dollars ($3,250).
However, such annuity after adjustment shall not exceed six thousand five hundred dollars ($6,500) for retirants and three thousand two hundred fifty dollars ($3,250) for beneficiaries.
(f) Each annuity of seven thousand five hundred dollars ($7,500) or less which became effective before July 1, 1980, shall be adjusted on July 1, 1984. Such adjustment shall be added to and become part of the annual annuity. The amount of this adjustment shall equal one-half percent of the benefit payable without regard to this subsection times the number of full years between the effective date of retirement and July 1, 1984. The minimum annual annuity after this adjustment shall be:
(1) For retirants, seven thousand five hundred dollars ($7,500); and
(2) For beneficiaries, three thousand seven hundred fifty dollars ($3,750).
However, such annuity after adjustment shall not exceed seven thousand five hundred dollars ($7,500) for retirants and three thousand seven hundred fifty dollars ($3,750) for beneficiaries.
(Res. 82-714. Passed 8-2-82.)