Every person receiving retirement benefits from the System as of June 30, 1993, shall receive on July 1, 1994, an increase in retirement benefits to be computed as follows: 1. Multiply Seven Hundred Eighty Dollars ($780.00) by four percent (4%); 2. Multiply the sum of paragraph 1 by the number of years of credited service of the member; 3. Divide the sum of paragraph 2 by twelve (12) and this shall be the increase in the monthly retirement benefit; 4. This increase shall be adjusted to reflect any options selected by the member at the time of retirement. Added by Laws 1985, c. 335, § 8, emerg. eff. July 30, 1985. Amended by Laws 1990, c. 340, § 20, eff. July 1, 1990; Laws 1994, c. 383, § 5, eff. July 1, 1994.
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