1. Each person who receives a benefit from the Legislators’ Retirement Fund is entitled to an additional benefit of 1.5 percent of the recipient’s base benefit for each full year during which the recipient has received benefits before July 1, 1975. This additional benefit shall be paid on and after July 1, 1975.
2. Beginning on July 1, 1975, each such recipient is entitled to receive cost-of-living increases, applied to the recipient’s benefit augmented pursuant to subsection 1, equivalent to those provided for retirees and beneficiaries of the Public Employees’ Retirement System.