(a) Subject to subsection (c), the System shall make an annual bonus payment from monies paid to the system under 32 VIC § 246(j) to annuitants and pensioners who meet the requirements prescribed in subsection (b).
(b) To qualify for the bonus payment established in subsection (a), an annuitant or pensioner must be:
(1) At least 60 years of age;
(2) On the systems' retiree payroll for at least one year; and
(3) Eligible to receive a cost of living increase by July 15 of the year in which the bonus payment is made.
(c)
(1) The annual bonus payment may not be counted towards the maximum annual service annuity permitted by law for any service annuity.
(2) Subject to subsection (d), annuitants and pensioners shall receive an equal amount based on the total amount received by the system pursuant to 32 V.I.C., § 246(j).
(3) The annual bonus payment must be received by eligible annuitants and pensioners by November 30 each year.
(d) The annual bonus payment established in subsection (a) is subject to the availability of funds. Whenever the system does not receive sufficient funds from the annual contribution from the Lottery, the system is not obligated to pay the annual bonus payment for the year in which the contribution is deficient.