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Ch. 460
MARVIN MANDEL, Governor
993
The board of trustees shall certify one quarter of the amount so ascertained for
each year of the biennium 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 § 11 of this article, on
the following basis:
(a) Which is not less than the rate of the supplementary payment received by
any beneficiary prior to July 1, 1962, and
(b) Which, when added to the benefits provided pursuant to § 11 of this article
is not less than $2,000 per annum; provided, however, that the said beneficiary is
credited with 25 years of service, and provided that any beneficiary having less
than 25 years of creditable service shall have his supplementary payment reduced
in proportion to the ratio of the number of years creditable service divided by 25,
and provided that no such reduction shall be made for any beneficiary who has
retired for disability prior to June 30, 1968, and
(c) Which is computed pro rata on the basis of the following condensed table:
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BENEFICIARIES
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RECEIVING UNDER
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SEC. 11 OF THIS
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LENGTH OF
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SUPPLEMENTARY
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ARTICLE
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SERVICE
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PAYMENTS
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$ 900
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25 YEARS
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$1100
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1200
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25 YEARS
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900
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1500
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25 YEARS
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825
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1800
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25 YEARS
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750
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2100
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25 YEARS
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675
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2400
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25 YEARS
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600
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2700
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25 YEARS
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600
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3000
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25 YEARS
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450
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3300
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25 YEARS
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375
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3600
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25 YEARS
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300
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3900
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25 YEARS
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225
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4200
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25 YEARS
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150
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4500
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25 YEARS
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75
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4800
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25 YEARS
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0 AND
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(d) Which pro rata computation is made by the use of the following formula:
$4800--b c.s.
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4 25
In which formula "b" represents "benefits provided by § 11" and "c.s"
Represents "years of creditable service,"
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