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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) The annuity of each retired employee, who on August 1, 1958, is receiving or is entitled to receive an annuity from the District of Columbia Teachers' Retirement and Annuity Fund based on service which terminated prior to October 1, 1956, shall be increased by 10%, but no such increase shall exceed $500 per annum.
(b) The annuity otherwise payable from the District of Columbia Teachers' Retirement and Annuity Fund to: (1) each survivor who on August 1, 1958, is receiving or entitled to receive an annuity based on service which terminated prior to October 1, 1956; and (2) each survivor of a retired employee described in subsection (a) of this section shall be increased by 10%. No increase provided by this subsection shall exceed $250 per annum.
(c) No increase provided by this section shall be computed on any additional annuity purchased at retirement by voluntary contributions.
Cite this article: FindLaw.com - District of Columbia Code Division VI. Education, Libraries, and Cultural Institutions. § 38-2023.01. Annuity increase. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-vi-education-libraries-and-cultural-institutions/dc-code-sect-38-2023-01/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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