D.C. Code § 38-2023.12

Current through codified legislation effective September 18, 2024

Section 38-2023.12 - Annuity increase

(a) The annuity of each person who, January 1, 1963, is receiving or entitled to receive an annuity from the District of Columbia Teachers' Retirement and Annuity Fund shall be increased by 5% of the amount of such annuity.

The annuity of each person who receives or is entitled to receive an annuity from the District of Columbia Teachers' Retirement and Annuity Fund commencing during the period which begins on the day following January 1, 1963 and ends 5 years after such date, shall be increased in accordance with the following table:

The annuity shall

If the annuity commences between be increased by

January 2, 1963, and December 31, 1963 4 per centum.

January 1, 1964, and December 31, 1964 3 per centum.

January 1, 1965, and December 31, 1965 2 per centum.

January 1, 1966, and December 31, 1966 1 per centum.

(c) In lieu of any other increase provided by this section, the annuity of a survivor of a retired employee who received an increase under this section shall be increased by a percentage equal to the percentage by which the annuity of such employee was so increased.

(d) No increase provided by this section shall be computed on any additional annuity purchased at retirement by voluntary contributions.

(e) The limitation contained in the next to the last sentence of § 38-2021.05(c) (1) shall not be effective on and after January 1, 1963.

(f) The increases provided by this section shall take effect on January 1, 1963, except that any increase under subsection (b) or (c) of this section shall take effect on the beginning date of the annuity.

(g) The monthly installment of annuity after adjustment under this section shall be fixed at the nearest dollar.

D.C. Code § 38-2023.12

Oct. 24, 1962, 76 Stat. 1235, Pub. L. 87-881, title II, § 201.