Annuitants whose annuities were approved by the retirement board on or before December 18, 1962, shall, upon written application, receive in addition to such approved annuities a monthly allowance computed as follows: The annuitant's years of service shall be multiplied by $30 and this product shall then be divided by his monthly retirement allowance, as computed prior to the above-stated date, excluding any portion of said allowance which is based on voluntary deposits of the annuitant.
In addition thereto, beginning July 1, 1965, each annuitant under the provisions of this section shall receive a monthly amount equal to 76¢ multiplied by his total service credit.
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