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Session Laws, 1973
Volume 709, Page 975   View pdf image
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Ch. 459                             MARVIN MANDEL, Governor                                  975

The board of trustees shall certify one-quarter of the amount so ascertained for
each year to the State Comptroller on or before the last day of December,
February, May and September. The Comptroller shall, on or before the first day
of January, March, June and October, draw a warrant or warrants on the State
Treasurer for the respective amounts due the Retirement System. On the receipt of
the warrant of the Comptroller, the State Treasurer shall immediately transfer to
the Retirement System the amounts due.

[(7 The board of trustees is hereby authorized and directed subject to the
annual appropriation of the necessary funds and in addition to those provided in
accordance with and in the same manner as that provided in subsections (1), (2),
(3), (4), (5), and (6), of this section, and subject to the conditions hereinafter
provided, to make a supplementary payment to any beneficiary who was retired
prior to July 1, 1971, in addition to the benefits provided in §53 of this article, on
the following basis:

(a)  Which, when added to the benefits provided pursuant to § 53 of this article
is not less than $2,000 per annum; provided, however, that the said beneficiary is
credited with 25 years of service, and provided that any beneficiary having less
than 25 years of creditable service shall have his supplemental payment reduced in
proportion to the ratio of the number of years of creditable service divided by 25,
and provided that no such reduction shall be made for any beneficiary who has
retired for disability prior to June 30, 1968, and

(b)  Which is computed pro rata on the basis of the following condensed table:

Beneficiaries

Receiving Under

Length of

53 of This Article

Service

Payments

$ 900

25 Years

$ 1100

1200

25 Years

900

1500

25 Years

825

1800

25 Years

750

2100

25 Years

675

2400

25 Years

600

2700

25 Years

525

3000

25 Years

450

3300

25 Years

375

3600

25 Years

300

3900

25 Years

225

4200

25 Years

150

4500

25 Years

75

4800

25 Years

0 and

(c)  Which pro rata computation is made by the use of the following formula:

$4800-b c.s.

------------x--------         

4                 25

In which formula "b" represents "benefits provided by § 53" and "c.s." represents
"years of creditable service," and

(d)  Provided that the retirement allowance used in calculating the supplementary
payment shall be the total benefits provided in § 53 of this article except that it
shall not be based on any optional benefit chosen by the beneficiary.

 

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Session Laws, 1973
Volume 709, Page 975   View pdf image
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