b. The retirement allowance of each veteran retiree under N.J.S. 18A:66-114 who retired on or after January 1, 1995 and before December 31, 1999 shall be increased by 11.1%.

c. The retirement allowance of each veteran retiree under N.J.S. 18A:66-114 who retired after December 31, 1999 shall be increased by 9%.

d. The increases in retirement allowances provided under subsection a., b. or c. of this section shall be applicable retroactively to payments made on or after January 14, 2002. The board of trustees shall make the appropriate calculations and the increase in benefits due to retirees shall be paid in such manner as the board of trustees shall determine.

L.2004,c.173,s.2.