(1) The Board of Trustees of the Arkansas Teacher Retirement System is authorized by this act to raise the level of benefits to the current retirants and other beneficiaries of the Arkansas Teacher Retirement System to a comparable level increase to match the increase in benefits that would accrue to active members as a result of any reduction of the calculation of “final average salary” to not less than a three-year period nor more than the five-year period in accordance with any rules the board might promulgate.
(2) The amount of any increase for retirants and other beneficiaries shall also be determined in accordance with the rules of the board as is actuarially appropriate for the system.