Any member receiving retirement benefits from the System as of June 30, 1999, who continues to receive benefits on or after July 1, 2000, shall receive an increase in retirement benefits to be computed as follows:
1. Multiply One Thousand Two Hundred Eighty-three Dollars ($1,283.00) by two percent (2%);
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; and 4. This increase shall be adjusted to reflect any options selected by the member at the time of retirement.