(a) The monthly allowances payable to retired members, disabled members, and beneficiaries are increased as of January 1, 1980, for those persons receiving allowances with respect to members who retired or died prior to June 30, 1973, to the amount that results when the initial allowance that was received by those members is multiplied by the percentage set forth opposite the year of retirement or death in the following schedule: Period During Which Retirement or Death Occurred Percentage On or before June 30, 1958 180.4 12 months ending June 30, 1959 175.8 12 months ending June 30, 1960 172.2 12 months ending June 30, 1961 169.8 12 months ending June 30, 1962 167.8 12 months ending June 30, 1963 165.5 12 months ending June 30, 1964 163.0 12 months ending June 30, 1965 159.8 12 months ending June 30, 1966 156.7 12 months ending June 30, 1967 153.1 12 months ending June 30, 1968 147.5 12 months ending June 30, 1969 141.6 12 months ending June 30, 1970 134.5 12 months ending June 30, 1971 128.7 12 months ending June 30, 1972 124.5 12 months ending June 30, 1973 119.6 (b) For those retired members, disabled members, and beneficiaries receiving an allowance with an effective date prior to July 1, 1965, the initial allowance, for purposes of this section, shall be deemed to be the allowance payable on July 1, 1965. However, for purposes of determining the allowance payable under this section, the percentage corresponding to the actual year of retirement shall be applied.
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