(1) On July 1, 2001, the monthly retirement benefit payable to retirants and beneficiaries of the Arkansas Public Employees' Retirement System who retired on or before June 1, 2001, shall be increased by one and seven-tenths percent (1.7%) of the benefit payable on June 1, 2001.
(2) The increase in benefits provided in subsection (a) of this section shall be added to the monthly benefit after the annual postretirement increase.