§20-1104E. Increase in retirement benefits.
133 words·~1 min read·
/ok/title-20-courts/20-1104eA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.