(a) Benefits.--Commencing with the first monthly annuity payment after July 1, 1984, any eligible benefit recipient shall be entitled to receive an additional monthly supplemental annuity from the State Employees' Retirement System.
(b) Amount of additional supplemental annuity.--The amount of the additional monthly supplemental annuity shall be the total of the following:
(1) One dollar multiplied by the number of years of credited service.
(2) Two dollars multiplied by the number of years on retirement.
(3) Two percent of the monthly annuity being received on July 1, 1984, but not more than $20.
(c) Payment.--The additional monthly supplemental annuity provided for in this section shall be paid automatically unless the intended recipient files a written notice with the system requesting that the additional monthly supplemental annuity not be paid.
(d) Conditions.--The additional supplemental annuity provided for in this section shall be payable under the same terms and conditions as provided under the option plan in effect as of June 30, 1984.
(e) Benefits paid to beneficiaries or survivors.--No supplemental annuity enacted after the death of the member shall be payable to the beneficiary or survivor annuitant of the deceased former State employee. However, when the effective date of the supplement predates the death of the member by virtue of retroactivity of the supplement, payments which were retroactively due the deceased annuitant shall be paid to the beneficiary or designated survivor, as the case may be.
(f) Funding.--The actuary shall annually certify the amount of appropriations for the next fiscal year needed to fund, over a period of ten years from July 1, 2002, the additional monthly supplemental annuity provided for in this section, which amounts shall be paid during the period beginning July 1, 2002, and ending June 30, 2010. For fiscal years beginning on or after July 1, 2010, the additional liability provided in this section shall be funded as part of the actuarial accrued liability as provided in section 5508 (relating to actuarial cost method).
(g) Definitions.--As used in this section the following words and phrases shall have the meanings given to them in this subsection:
"Eligible benefit recipient." A person who is receiving a superannuation, withdrawal or disability annuity and who commenced receipt of that annuity on or prior to July 1, 1982, but the supplemental annuities shall not be payable to an annuitant receiving a withdrawal annuity prior to the first day of July coincident with or following the annuitant's attainment of superannuation age.
"Years of credited service." The number of full years of service credited as a member for each benefit recipient, which years of service need not have been continuous.
"Years on retirement." The number of full years as of July 1, 1983 which have elapsed since the eligible benefit recipient most recently commenced the receipt of an annuity and during which the eligible benefit recipient received an annuity.
(June 29, 1984, P.L.450, No.95, eff. imd.; Aug. 5, 1991, P.L.183, No.23, eff. imd.; May 17, 2001, P.L.26, No.9, eff. July 1, 2002; Nov. 23, 2010, P.L.1269, No.120, eff. imd.)
2010 Amendment. Act 120 amended subsec. (f).
1984 Amendment. Act 95 added section 5708.1.
Cross References. Section 5708.1 is referred to in sections 5507, 5508, 5708.2, 5708.3, 5708.5, 5708.6, 5708.7, 5708.8, 5938 of this title.