(a) All state employees and the beneficiaries of state employees who retired during calendar year 1979 shall receive an additional eight percent (8%) to their original retirement allowances.
(b) All state employees and the beneficiaries of state employees who retired during calendar year 1979 shall receive an additional two percent (2%) added to the base eight percent (8%) paid to the 1979 retirees. Provided, further, that an additional two percent (2%) of the retirement allowance shall be paid for each year to a maximum of twenty percent (20%) to those retirees and beneficiaries who retired in calendar year 1973, and prior to 1973, as indicated in the following schedule:
| Year of Retirement | Additional Percentage |
|---|---|
| 1979 | 8% |
| 1978 | 10% |
| 1977 | 12% |
| 1976 | 14% |
| 1975 | 16% |
| 1974 | 18% |
| 1973 | 20% |
| Years prior to 1973 | 20% |
(c) The additional percentage shall be incorporated into the recipient's monthly benefit starting with the payment due on or after July 31, 1986. Provided further, that the new 1986 pro rated payment shall be the base for any subsequent cost of living adjustment payments.
(d) The provisions of §§ 45-13-7 — 45-13-10 shall not apply to this section.
History of Section.
P.L. 1986, ch. 482, § 4.