1.  The System shall pay a postretirement allowance from the appropriate retirement fund to each member receiving a disability retirement allowance or service retirement allowance under the provisions of this chapter who first became entitled to receive any such allowance before July 1, 1975, as follows: As of the 1st day of July in each year following June 30, 1963, or the calendar year in which any monthly disability allowance or service retirement allowance was first paid, whichever last occurs, and preceding July 1, 1975, there must be added to such monthly disability allowance or service retirement allowance and paid to the member monthly thereafter an amount equivalent to 1.5 percent of the amount of such monthly disability allowance or service retirement allowance as originally computed, approved and paid.

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2.  Each member who retired before January 1, 1962, is entitled to receive an increase in the member’s postretirement allowance of 1.5 percent of the amount of the member’s monthly disability retirement allowance or service retirement allowance, as originally computed, approved and paid, for each calendar year following the calendar year of the member’s retirement and preceding the calendar year 1963.

3.  Beginning on July 1, 1975, the System shall pay a postretirement increase from the appropriate retirement fund to each person who receives monthly service retirement, disability or survivor benefit allowances as follows:

and beginning on July 1, 1976, an additional increase of the same amount must be paid to each person.

4.  Beginning July 1, 1976, a postretirement increase of 2 percent must be paid to every such member who began receiving benefits during the calendar year 1975.