(1) On July 1, 1993, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired on June 1, 1993, or before, shall be increased by two and sixty-one hundredths percent (2.61%) of the benefit payable on June 1, 1993.
(2) The increase in benefits provided in subsection (a) of this section shall be added to the monthly benefit after application of the annual postretirement increase, which is based on the consumer price index.