(a) General rule.--Every annuitant who retired prior to July 1, 1978 and who is in receipt of a superannuation, withdrawal or disability annuity, shall continue to receive the annuity to which he was entitled prior to July 1, 1979 and beginning July 1, 1979, any annuitant retiring on or prior to June 30, 1978 shall receive a cost-of-living supplement determined as a percentage applied to the retirement annuity to which he was entitled prior to July 1, 1979. Such cost-of-living supplement shall be payable under the same terms and conditions as provided under the option plan in effect as of June 30, 1979.

(b) Cost-of-living adjustment factors.--The percentage which is to be applied in the determination of the cost-of-living supplements, shall be determined on the basis of the effective date of retirement payable on the first $12,000 of annuity received per year, as follows:

Effective date of retirement

Percentage factor

July 1, 1977 through June 30, 1978

5%

July 1, 1976 through June 30, 1977

10%

July 1, 1975 through June 30, 1976

13%

July 1, 1974 through June 30, 1975

20%

March 1, 1974 through June 30, 1974

27%

Prior to March 1, 1974

31%

Provided, however, That such cost-of-living supplement as determined above shall not be payable to an annuitant receiving a withdrawal annuity prior to the first day of July coincident with or following his attainment of superannuation age: And further provided, That any member terminating legislative service subsequent to November 30, 1970, shall be entitled to receive on account of Class D-3 service a maximum single life annuity per year of service as a regular member of the General Assembly which shall not be less than the corresponding maximum single life annuity, including any cost-of-living supplements enacted prior to October 1, 1979, of a member retiring from legislative service November 30, 1970.

(c) Supplement enacted after death of member.--No cost-of-living supplement enacted after the death of the member shall be payable to the beneficiary or survivor annuitant of such deceased former State employee, except when the effective date of the supplement shall predate the death of the member by virtue of retroactivity of the supplement.

(d) Minimum total annuity.--Any superannuation or disability annuitant shall be entitled to receive a supplement such that his total annuity including any cost-of-living supplement shall be actuarially equivalent to a maximum single life annuity of $84.50 for each full year of credited service.

(Oct. 7, 1975, P.L.348, No.101, eff. imd.; Dec. 18, 1979, P.L.566, No.130, eff. imd.; July 12, 1981, P.L.261, No.87, eff. imd.)

2019 Abolishment. Section 1(3) of Act 92 provided that the joint committee to review the cost-of-living supplements under this section is abolished.

1981 Amendment. Act 87 amended subsec. (c). Section 3(b) of Act 81 provided that the amendment of subsec. (c) shall be retroactive to July 1, 1979.

1979 Amendment. Act 130 amended subsecs. (a) and (b).

Joint Legislative Committee. See section 3 of Act 130 of 1979 in the appendix to this title for special provisions relating to the biennial organization of a joint legislative committee to study cost-of-living supplements accruing under section 5708.

Cross References. Section 5708 is referred to in sections 5507, 5508, 5703, 5708.2, 5708.3, 5708.5, 5708.6, 5708.7, 5708.8, 5938 of this title.