§ 24403 Retirement Benefit Adjustments

• •This law is about increasing certain payments that started before July 1, 1972.
• •The increase happens every year starting from September 1, 1973.
• •Not all payments get this increase—some special ones (like certain annuities) are left out.

Imagine your grandpa started getting a monthly payment from his old job in 1970. This payment was supposed to go up a little bit every year starting in 1973.

Because his payment started before July 1, 1972, it gets a small raise every year. But if it was a special type of payment (like a tax-sheltered annuity), it wouldn’t get this raise.