(1) On July 1, 1974, the monthly retirement allowance payable to a retirant or beneficiary who was on the rolls as such for June, 1973, is supplemented as follows:

Effective Date of Retirement	Percent of Increase
July 1, 1972 to June 30, 1973	1
July 1, 1971 to June 30, 1972	2
July 1, 1970 to June 30, 1971	3
July 1, 1969 to June 30, 1970	4
July 1, 1968 to June 30, 1969	5
July 1, 1967 to June 30, 1968	6
July 1, 1966 to June 30, 1967	7
July 1, 1965 to June 30, 1966	8
July 1, 1964 to June 30, 1965	9
July 1, 1963 to June 30, 1964	10
July 1, 1962 to June 30, 1963	11
July 1, 1961 to June 30, 1962	12
July 1, 1960 to June 30, 1961	13
July 1, 1959 to June 30, 1960	14
Any time before July 1, 1959	15

(2) The supplement to the retirement allowance provided by this section shall be paid only during those fiscal years for which an appropriation is made which is sufficient to cover the additional payments likely to be made.