(a) On July 1, 2007, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired on or before June 1, 2007, shall be increased by one percent (1%) of the benefit payable on June 1, 2007.
(b) The increase in benefits under subsection (a) of this section shall be added to the monthly benefit after the annual postretirement increase.