(1) On July 1, 1987, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired June 1, 1985, or before, shall be increased as follows: Those retirants and beneficiaries who retired June 1, 1985, or before, shall receive five percent (5%) of the benefit amount payable June 1, 1986, for each full year from the date of retirement through June 1, 1987, with a maximum increase payable of twenty percent (20%) of the June 1, 1987, retirement benefit;
(2) The following schedule shall be used to determine the percent of increase due:
(3) The increase in benefits provided in subsection (a) of this section shall be added to the monthly benefit after the annual postretirement increase based on the consumer price index has been applied.
(4) The increase provided in subsection (a) of this section shall be added to the base annuity of the member or beneficiary.
Date of Retirement Percent of Increase 7-1-85 and after 0% 7-1-84 through 6-1-85 5% 7-1-83 through 6-1-84 10% 7-1-82 through 6-1-83 11% 7-1-81 through 6-1-82 12% 7-1-80 through 6-1-81 13% 7-1-79 through 6-1-80 14% 7-1-78 through 6-1-79 15% 7-1-77 through 6-1-78 16% 7-1-76 through 6-1-77 17% 7-1-75 through 6-1-76 18% Before 7-1-75 20%
table.