730

Any member upon withdrawal from service on or after July 1, 1970, and retiring on a service or disability retirement annuity, shall be entitled to an annual increase in his basic retirement annuity as defined herein while he is in receipt of such annuity.\n(a) The term 'basic annuity' shall mean the service retirement annuity or disability annuity of the amount fixed and payable at date of retirement of the member.\n(b) The Board may set cost-of-living increases for annuitants and pensioners and determine when the annuity should be paid on the basis of the most recent actuarial valuation, and the Consumer Price Index.\n(c) The annual increase in the case of a disability annuity shall be 1 percent per year prior to the member's attainment of age 60 and 1 ½ percent per year thereafter.\n(d) [Deleted.]