(a) General rule.--Every annuitant who is in receipt of a superannuation, withdrawal or disability annuity, shall continue to receive such annuity and beginning July 1, 1979, any annuitant who retired on or prior to July 1, 1978, shall receive a cost-of-living supplement determined as a percentage applied to the retirement annuity as of June 30, 1979. Such cost-of-living supplement shall be payable under the same terms and conditions as provided under the option plan in effect as of June 30, 1979.

(b) Cost-of-living adjustment factors.--The percentage which is to be applied in the determination of the cost-of-living supplements shall be determined on the basis of the effective date of retirement payable on the first $12,000 of annuity received per year. The applicable percentage factors are:

Effective date of retirement

Percentage factor

After July 1, 1977 through July 1, 1978

5%

After July 1, 1976 through July 1, 1977

10%

After July 1, 1975 through July 1, 1976

13%

After July 1, 1974 through July 1, 1975

20%

After July 1, 1973 through July 1, 1974

27%

On or prior to July 1, 1973

31%

(c) Withdrawal annuitants.--The cost-of-living supplement as determined in subsection (b) shall not be payable to an annuitant receiving a withdrawal annuity prior to the first day of July coincident with or following his attainment of superannuation age.

(d) Disability annuitants.--(Repealed).

(e) Supplement enacted after death of member.--No supplement enacted after the death of the member shall be payable to the beneficiary or survivor annuitant of such deceased former school employee, except when the effective date of the supplement shall predate the death of the member by virtue of retroactivity of the supplement.

(Dec. 18, 1979, P.L.566, No.130, eff. imd.; July 12, 1981, P.L.261, No.87, eff. imd.)

2019 Abolishment. Section 1(3) of Act 92 provided that the joint committee to review the cost-of-living supplements under this section is abolished.

1981 Amendment. Act 87 amended subsec. (e), retroactive to July 1, 1979.

1979 Amendment. Act 130 amended subsecs. (a) and (b) and repealed subsec. (d).

Special Provisions in Appendix. See section 3 of Act 130 of 1979 in the appendix to this title for special provisions relating to the biennial organization of a joint legislative committee to study cost-of-living supplements accruing under section 8348.

See section 3(4) of Act 96 of 1975 in the appendix to this title for special provisions relating to the continuation of rights of former teachers to minimum benefits under former provisions of law.

Cross References. Section 8348 is referred to in sections 8328, 8343, 8348.2, 8348.3, 8348.5, 8348.6, 8348.7, 8525 of this title.