38.20b Increase in monthly retirement allowance; payment.
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38.20b Increase in monthly retirement allowance; payment.
Sec. 20b.
(1)On July 1, 1972, the monthly retirement allowance payable to a retirant or beneficiary who is on the rolls for June, 1971, is increased as follows:
Effective Date of Retirement Percent of Increase
August 1, 1970 to July 1, 1971 1
August 1, 1969 to July 1, 1970 2
August 1, 1968 to July 1, 1969 3
August 1, 1967 to July 1, 1968 4
August 1, 1966 to July 1, 1967 5
August 1, 1965 to July 1, 1966 6
August 1, 1964 to July 1, 1965 7
August 1, 1963 to July 1, 1964 8
August 1, 1962 to July 1, 1963 9
August 1, 1961 to July 1, 1962 10
August 1, 1960 to July 1, 1961 11
August 1, 1959 to July 1, 1960 12
August 1, 1958 to July 1, 1959 13
August 1, 1957 to July 1, 1958 14
July 1, 1956 to July 1, 1957 15
Any time before July 1, 1956 25
(2)The increases in retirement allowances authorized by this section shall be paid only from the excess of assets in the pension reserve fund which the legislature has been informed is sufficient to cover the increased costs involved without requiring any appropriation of state funds.
History: Add. 1971, Act 205, Eff. Mar. 30, 1972