All retired Group 2 employees of the city of Providence, as defined in § 45-21-10, and all beneficiaries of Group 2 employees who have retired or are deceased shall, on the first day of January of the year following the date of retirement or death, receive a cost of living retirement adjustment in addition to the retirement allowance, in an amount equal to three percent (3%) of the retirement allowance, not compounded. In each succeeding year thereafter, during the month of January, the retirement allowance shall be increased an additional three percent (3%) of the retirement allowance, not compounded, to be continued during the lifetime of that employee or beneficiary.
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