Subject to the retirant's or beneficiary's formal application in writing on a form
furnished by the board of trustees, the amount of each retirement allowance having
an effective date on or before December 1, 1973, shall be redetermined December 1,
1974, and such redetermined amount shall be the basis of payments from and after the
later of (i) December 1, 1974, and (ii) the first day of the calendar month next following
receipt by the board of trustees of formal written application for a redetermined
retirement allowance. Such redetermined amount of retirement allowance shall be equal
to the greater of (i) $900.00, and (ii) the amount of retirement allowance otherwise
payable multiplied by the following percent: 100 percent plus three percent multiplied
by the number of complete years in the period from the date the retirement allowance
became effective to December 1, 1974. In the case of a retirement allowance payable
to a beneficiary upon the death of a retirant, the effective date of the retirement
allowance shall be the effective date of the deceased retirant's retirement allowance.
As used in this section, the term "the amount of retirement allowance otherwise payable"
means the amount of retirement allowance which would be payable prior to application
of the provisions of this section.
(Code 1971, § 24-49.1)
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