Sec. 40. Adjustment of pensions.
40.1. All members, spouses of deceased members, beneficiaries of deceased members named pursuant to Section 24 herein, who are receiving pensions at the time this section becomes effective shall receive an increase in benefits and pensions effective January 1, 1982 in accordance with the following:
a. 5% per year for each year that benefits or pensions were paid prior to December 31, 1960;
b. 4% per year for each year that benefits or pensions were paid from January 1, 1961 through December 31, 1964;
c. 2% per year for each year that benefits or pensions were paid from January 1, 1965 through December 31, 1969;
d. 1% per year for each year that benefits or pensions were paid from January 1, 1970 through December 31, 1981.
40.2. All retirees and surviving option beneficiaries pursuant to Sections 24 and 25.2(a) of deceased retirees named pursuant to Section 24 herein, who are receiving pensions at the time this subsection becomes effective shall receive a pension increase effective January 1, 2000 in accordance with the following:
a. 17.4% of pension amount as it existed on December 31, 1991, if retired prior to January 1, 1988.
b. 13.9% of pension amount as it existed on December 31, 1991, if retired during calendar year 1988.
(Election of 11-3-1981; election of 9-7-1999)