Okla. Stat. tit. 74, § 74-930.3: Increase in retirement benefits

A. Every member receiving retirement benefits from the System

as of June 30, 1994, who retired with a final average compensation

of less than Thirteen Thousand Eight Hundred Dollars ($13,800.00)

and who had twenty (20) or more years of credited service within the

Oklahoma Public Employees Retirement System as of the member's

retirement date, shall receive on July 1, 1994, a retirement benefit

increase to reflect a final average compensation of Thirteen

Thousand Eight Hundred Dollars ($13,800.00) multiplied by two

percent (2%), further multiplied by the number of years of credited

service of the member; provided said increase shall be adjusted to

reflect any options selected by the member or reduction factors

applicable at the time of retirement.

B. Every member receiving retirement benefits from the System

as of June 30, 1994, who retired with a final average compensation

of less than Thirteen Thousand Eight Hundred Dollars ($13,800.00)

and who had at least fifteen (15) but not more than nineteen (19)

years of credited service within the Oklahoma Public Employees

Retirement System as of the member's retirement date, shall receive

on July 1, 1994, a retirement benefit increase to reflect a final

average compensation of Thirteen Thousand Eight Hundred Dollars

($13,800.00) multiplied by two percent (2%), further multiplied by

the number of years of credited service of the member multiplied by

one-half (1/2); provided said increase shall be adjusted to reflect

any options selected by the member or reduction factors applicable

at the time of retirement.

C. Every member receiving retirement benefits from the System

as of June 30, 1994, who retired with a final average compensation

of less than Thirteen Thousand Eight Hundred Dollars ($13,800.00)

and who had less than fifteen (15) years of credited service within

the Oklahoma Public Employees Retirement System as of the member's

retirement date shall not be eligible for the retirement benefit

increase reflecting a minimum final average compensation as

otherwise provided by this section.

D. Any member receiving retirement benefits from the System as

of June 30, 1993, who was eligible to receive an increase in

benefits pursuant to subsection A or B of this section, but in an

amount less than the increase in benefits provided by this

subsection or who was not eligible to receive an increase in

benefits pursuant to subsection A or B of this section, shall

receive on July 1, 1994, an increase in retirement benefits to be

computed as follows:

1. Multiply Four Hundred Ninety-seven Dollars ($497.00) by two

percent (2%);

2. Multiply the sum of paragraph 1 by the number of years of

credited service of the member;

3. Divide the sum of paragraph 2 by twelve (12) and this shall

be the increase in the monthly retirement benefit; and

4. This increase shall be adjusted to reflect any options

selected by the member at the time of retirement.

E. A member receiving an increase in retirement benefits

pursuant to subsection D of this section shall not be eligible for

an increase in retirement benefits pursuant to subsection A or B of

this section.