Section 38.1023c - Increase of retirement allowance(1) After December 31, 1986, on January 1 of each year a retirement allowance attributable to a member who first becomes a member on or before January 1, 1995, shall be increased 4% compounded annually.(2) Beginning January 1, 1995, each retirement allowance attributable to a member who first becomes a member after January 1, 1995, shall be increased each January 1. The amount of the annual increase shall be equal to 4% of the retirement allowance payable as of the retirement allowance effective date.(3) A retirement allowance that begins after January 1 of the immediately preceding calendar year shall be increased under this section on a pro rata basis by the applicable percentage amount from the time the retirement allowance begins to the date of the increase.Add. 1974, Act 215, Eff. 12/31/1974 ;--Am. 1978, Act 560, Eff. 1/1/1979 ;--Am. 1981, Act 123, Imd. Eff. 7/23/1981 ;--Am. 1987, Act 58, Imd. Eff. 6/23/1987 ;--Am. 1994, Act 359, Eff. 12/31/1994 ;--Am. 1998, Act 501, Imd. Eff. 1/5/1999.