Section 8348.2 - Further additional supplemental annuities(a) Benefits.--Commencing with the first monthly annuity payment after January 1, 1989, any eligible benefit recipient shall be entitled to receive a further additional monthly supplemental annuity from the system. This shall be in addition to the supplemental annuities provided for in sections 8348 (relating to supplemental annuities) and 8348.1 (relating to additional supplemental annuities).(b) Amount of additional supplemental annuity.--The amount of the additional monthly supplemental annuity shall be the total of the following: (1) Two dollars multiplied by the number of years of credited service.(2) Fifty cents multiplied by the number of years on retirement.(c) Payment.--The additional monthly supplemental annuity provided for in this section shall be paid automatically unless the intended recipient files a written notice with the system requesting that the additional monthly supplemental annuity not be paid.(d) Conditions.--The additional supplemental annuity provided for in this section shall be payable under the same terms and conditions as provided under the option plan in effect as of December 31, 1988.(e) Benefits paid to beneficiaries or survivors.--No supplemental annuity effective after the death of the member shall be payable to the beneficiary or survivor annuitant of the deceased member.(f) Funding.--The actuary shall annually estimate the amount of Commonwealth appropriations for the next fiscal year needed to fund, over a period of ten years from July 1, 2002, the additional monthly supplemental annuity provided for in this section, which amounts shall be paid during the period beginning July 1, 2002, and ending June 30, 2011. For fiscal years beginning on or after July 1, 2011, the additional liability provided in this section shall be funded as part of the actuarial accrued liability as provided in section 8328 (relating to actuarial cost method).(g) Definitions.--As used in this section, the following words and phrases shall have the meanings given to them in this subsection: "Eligible benefit recipient." A person who is receiving a superannuation, withdrawal or disability annuity and who commenced receipt of that annuity on or prior to July 1, 1987, but the supplemental annuities shall not be payable to an annuitant receiving a withdrawal annuity prior to the first day of July coincident with or following the annuitant's attainment of superannuation age.
"Years of credited service." The number of full years of service as a member to the credit of each benefit recipient, which years of service need not have been continuous.
"Years on retirement." The number of full years as of July 1, 1988, which have elapsed since the eligible benefit recipient commenced the receipt of an annuity and during which the eligible benefit recipient received an annuity.
1988, Oct. 21, P.L. 844, No. 112, § 2, imd. effective. Amended 1991, Aug. 5, P.L. 183, No. 23, § 7, imd. effective; 2001, May 17, P.L. 26, No. 9, § 4, effective 7/1/2001; 2010, Nov. 23, P.L. 1269, No. 120, § 5, effective 7/1/2011.