As an additional supplement to other retirement allowances provided, each annuitant who on July 1, 1974, is receiving a retirement annuity less than $4,200 annually, and whose retirement allowance became effective during the respective dates indicated in this section shall receive, upon application, an increased amount, payable monthly, which is the product of his present retirement allowance multiplied by the percentage increase applicable, according to the effective date of retirement and according to the plan of retirement, as provided by the schedule below.
Effective Date of Percentage of
Retirement Allowance Increase
July 1, 1961 through June 30, 1962 .........................24.00
July 1, 1962 through June 30, 1963 .........................22.00
July 1, 1963 through June 30, 1964 .........................20.00
July 1, 1964 through June 30, 1965 .........................18.00
July 1, 1965 through June 30, 1966 .........................16.00
July 1, 1966 through June 30, 1967 .........................14.00
July 1, 1967 through June 30, 1968 .........................12.00
July 1, 1968 through June 30, 1969 .........................10.00
July 1, 1969 through June 30, 1970 ..........................8.00
July 1, 1970 through June 30, 1971 ..........................6.00
July 1, 1971 through June 30, 1972 ..........................4.00
July 1, 1972 through June 30, 1973 ..........................2.00
Any additional benefit conferred herein shall not be retroactive to the time of retirement but shall become effective July 1, 1974.
In no event, however, when the amount of an annuity is affected by this section, shall the total of the additional benefit herein provided and other retirement allowances provided elsewhere in this article exceed the sum of $4,200 annually.
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