(1) There is hereby created a state institutions of higher education emeritus retirement fund from which the commissioner of education shall authorize payments from such appropriations as are made to the fund, as follows: (a) (I) To any faculty member eligible under section 23-6-101 (2)(a), (2)(b), or (2)(c), a monthly payment of two hundred forty dollars or a lesser sum which, together with any pension or retirement benefit or annuity which at the time of his retirement he was eligible to receive from any other retirement or annuity pension fund supported in whole or in part by the state of Colorado or its political subdivisions, provides a total retirement income of three hundred fifty dollars per month; and, effective July 1, 1975, and each year thereafter, said amount shall be increased by three percent. (II) For the fiscal year commencing July 1, 1980, payments and amounts provided for in subparagraph (I) of this paragraph (a) shall be increased by eight percent or the average percentage increase in the state salary survey for 1980-81, whichever is higher. Effective July 1, 1981, and each fiscal year thereafter, the percentage increase shall be commensurate with the average state salary survey percentage increase. (b) To any faculty member eligible under section 23-6-101 (2)(d), a monthly payment determined as specified in paragraph (a) of this subsection (1) after multiplying each dollar sum specified therein by that fraction given by multiplying years of service by one-twentieth; (c) To any surviving spouse eligible under section 23-6-101 (3)(a) or (3)(c), a monthly payment of one hundred twenty-five dollars or a lesser sum which, together with any pension or annuity or retirement benefit received from any other retirement or annuity pension fund supported in whole or in part by the state of Colorado or its political subdivisions, provides a total retirement benefit of one hundred seventy-five dollars per month; (d) To any surviving spouse eligible under section 23-6-101 (3)(b) or (3)(d), a monthly payment determined as specified in paragraph (c) of this subsection (1) after multiplying each dollar sum specified therein by that fraction determined by multiplying years of faculty member's service by one-twentieth. (2) If at any time there are insufficient moneys in the state institutions of higher education emeritus retirement fund to pay the full amount of the retirement benefits provided by this article, said moneys shall be distributed as follows: (a) Each eligible faculty member shall receive that payment which, together with all other retirement benefits supported in whole or in part by the state of Colorado or its political subdivisions, provides a retirement income of two hundred dollars per month, or the surviving spouse shall receive one hundred dollars per month. (b) From the moneys remaining after the above specified allotments are made, each faculty member shall receive that additional payment which, together with all other retirement benefits supported in whole or in part by the state of Colorado or its political subdivisions, provides a retirement income of two hundred fifty dollars per month, or the surviving spouse shall receive one hundred twenty-five dollars per month. (c) All moneys remaining after the above specified allotments are fulfilled shall be prorated among all eligible recipients to provide, within the limits of the moneys available, those additional benefits for which each is eligible under subsection (1)(a) to (1)(d) of this section.
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