Every person receiving retirement benefits from the System as of June 30, 1993, shall receive on July 1, 1994, an increase in retirement benefits to be computed as follows:
1. Multiply Seven Hundred Eighty Dollars ($780.00) by four percent (4%);
2. Multiply the sum of paragraph 1 by the number of years of credited service of the member;
3. Divide the sum of paragraph 2 by twelve (12) and this shall be the increase in the monthly retirement benefit;
4. This increase shall be adjusted to reflect any options selected by the member at the time of retirement.