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Every retirement allowance payable by the San Francisco City and County Employees' Retirement System, for time commencing on March 1, 1964, to or on account of any person who was retired prior to July 1, 1947, as a member of said system under Section 8.507, formerly Section 165 of the Charter of 1932, as amended, is hereby increased by the amount of $25 per month, provided such member was entitled to be credited under the Retirement System with at least 20 years of service upon which the retirement allowance was determined at retirement. If the member was entitled to be credited with less than 20 years of service, then said monthly increase shall be an amount which shall bear the same ratio to $25, that the service with which the member was entitled to be credited at the effective date of his retirement, bears to 20 years. This section does not give any member retired prior to March 1, 1964, or his successor in interest, any claim against the City and County for any increase in any retirement allowance paid or payable for the time prior to March 1, 1964. If a member elected at retirement to have his retirement allowance modified under Options 2 or 3, provided by ordinance, and if both he and his beneficiary are living on March 1, 1964, the increase in his allowance shall be modified under the option elected at retirement, and on the basis of current ages, mortality tables and interest rates. If the beneficiary of such a person who elected at retirement to have his allowance under one of said options is not living on March 1, 1964, or if the retired member is not living on March 1, 1964, and the beneficiary is receiving the modified retirement allowance, then the allowance shall be increased as provided herein for persons who did not elect an option.
The increase in the retirement allowance shall be apportioned between service rendered prior to the entry of the member into the Retirement System, and service rendered as a member, in the same proportion that such prior and current service respectively, bears to the total service credited at retirement. Contributions to the Retirement System necessary for the payment of the increases in the retirement allowances provided in this section, shall be provided, with respect to the portion of the benefit based on service rendered as members, from the reserves held by the Retirement System on account of miscellaneous members, the necessary amount being transferred upon March 1, 1964, from said reserves to the reserves held by the Retirement System to meet the obligations on account of benefits that have been granted and on account of prior service of members.
The contribution being required of the City currently, as percentages of salaries of persons who are members under Section 8.509 shall be increased to percentages determined by the actuary as necessary to replace the reserves so transferred. Contributions to the Retirement System necessary for the payment of said increases with references to prior services, shall be paid to the system by the City and County by annual appropriations, provided that such appropriation for any year shall not be less than the amount disbursed during that year on account of said increases.