A. Every member receiving retirement benefits from the System as of June 30, 1994, who retired with a final average compensation of less than Thirteen Thousand Eight Hundred Dollars ($13,800.00) and who had twenty (20) or more years of credited service within the Oklahoma Public Employees Retirement System as of the member's retirement date, shall receive on July 1, 1994, a retirement benefit increase to reflect a final average compensation of Thirteen Thousand Eight Hundred Dollars ($13,800.00) multiplied by two percent (2%), further multiplied by the number of years of credited service of the member; provided said increase shall be adjusted to reflect any options selected by the member or reduction factors applicable at the time of retirement.
B. Every member receiving retirement benefits from the System as of June 30, 1994, who retired with a final average compensation of less than Thirteen Thousand Eight Hundred Dollars ($13,800.00) and who had at least fifteen (15) but not more than nineteen (19) years of credited service within the Oklahoma Public Employees Retirement System as of the member's retirement date, shall receive on July 1, 1994, a retirement benefit increase to reflect a final average compensation of Thirteen Thousand Eight Hundred Dollars ($13,800.00) multiplied by two percent (2%), further multiplied by the number of years of credited service of the member multiplied by one-half (1/2); provided said increase shall be adjusted to reflect any options selected by the member or reduction factors applicable at the time of retirement.
C. Every member receiving retirement benefits from the System as of June 30, 1994, who retired with a final average compensation of less than Thirteen Thousand Eight Hundred Dollars ($13,800.00) and who had less than fifteen (15) years of credited service within the Oklahoma Public Employees Retirement System as of the member's retirement date shall not be eligible for the retirement benefit increase reflecting a minimum final average compensation as otherwise provided by this section.
D. Any member receiving retirement benefits from the System as of June 30, 1993, who was eligible to receive an increase in benefits pursuant to subsection A or B of this section, but in an amount less than the increase in benefits provided by this subsection or who was not eligible to receive an increase in benefits pursuant to subsection A or B of this section, shall receive on July 1, 1994, an increase in retirement benefits to be computed as follows:
1. Multiply Four Hundred Ninety-seven Dollars ($497.00) by two percent (2%);
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; and
4. This increase shall be adjusted to reflect any options selected by the member at the time of retirement.
E. A member receiving an increase in retirement benefits pursuant to subsection D of this section shall not be eligible for an increase in retirement benefits pursuant to subsection A or B of this section.
Added by Laws 1985, c. 300, § 9, emerg. eff. July 24, 1985. Amended by Laws 1986, c. 238, § 8, operative July 1, 1986; Laws 1987, c. 236, § 192, emerg. eff. July 20, 1987; Laws 1990, c. 340, § 43, eff. July 1, 1990; Laws 1994, c. 383, § 14, eff. July 1, 1994; Laws 1995, c. 302, § 8, eff. July 1, 1995.