24407. (a) The monthly allowances payable to retired members, disabled members, and beneficiaries are increased as of January 1, 1980, for those persons receiving allowances with respect to members who retired or died prior to June 30, 1973, to the amount that results when the initial allowance that was received by those members is multiplied by the percentage set forth opposite the year of retirement or death in the following schedule:
Period During Which
Retirement or Death Occurred
Percentage
On or before June 30, 1958 ........................
180.4
12 months ending June 30, 1959 ........................
175.8
12 months ending June 30, 1960 ........................
172.2
12 months ending June 30, 1961 ........................
169.8
12 months ending June 30, 1962 ........................
167.8
12 months ending June 30, 1963 ........................
165.5
12 months ending June 30, 1964 ........................
163.0
12 months ending June 30, 1965 ........................
159.8
12 months ending June 30, 1966 ........................
156.7
12 months ending June 30, 1967 ........................
153.1
12 months ending June 30, 1968 ........................
147.5
12 months ending June 30, 1969 ........................
141.6
12 months ending June 30, 1970 ........................
134.5
12 months ending June 30, 1971 ........................
128.7
12 months ending June 30, 1972 ........................
124.5
12 months ending June 30, 1973 ........................
119.6
(b) For those retired members, disabled members, and beneficiaries receiving an allowance with an effective date prior to July 1, 1965, the initial allowance, for purposes of this section, shall be deemed to be the allowance payable on July 1, 1965. However, for purposes of determining the allowance payable under this section, the percentage corresponding to the actual year of retirement shall be applied.
(Amended by Stats. 1996, Ch. 634, Sec. 249. Effective January 1, 1997.)