Any retired members of the Supreme and Circuit Court Judicial Retirement System, District County Court and Municipal Court Judges Retirement Program, South Dakota Teachers Retirement System, South Dakota Municipal Retirement System, South Dakota Law Enforcement Retirement System, South Dakota Public Employees Retirement System and State Cement Plant Retirement Program as of June 30, 1974, who were receiving or eligible to receive a retirement benefit shall be entitled to an increased monthly benefit commencing with the payment due on or after July 1, 1974, equal to the greater of: (1) One hundred ten percent of the benefit the member was entitled to on June 30, 1974, under the retirement system from which the member retired; or (2) Ten dollars times the years of credited contributory service or fraction thereof, under the retirement system from which the member retired, to a maximum of one hundred dollars. The time, manner, and form of payment of the retirement benefit are not modified by the change in benefits provided by this section.
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