Page 255

House Bill No. 5506

Public Act No. 22-118 255 of 739

shall be sufficient to increase such monthly benefit to eight hundred dollars. (q) On January 1, 1999, each eligible retired member who had rendered at least twenty-five years of full-time service, or such member's successor beneficiary, as defined in subsection (j) of this section, shall receive a single increase in benefits provided under this chapter. Such increase shall be sufficient to increase the monthly benefit of such eligible members or successor beneficiaries, whose monthly benefit as of December 31, 1998, before any actuarial reduction for early retirement or for an optional benefit payment plan, is less than twelve hundred dollars and shall be sufficient to increase such monthly benefit to twelve hundred dollars. (r) No retirement benefit payable under this chapter, including any cost of living allowance, shall exceed the maximum dollar limit in effect under Section 415(b) of the Internal Revenue Code for the applicable limitation year, as increased in subsequent years pursuant to Section 415(d) of the Internal Revenue Code. [A subsequent annual increase shall apply to a member if the increase becomes effective after the member retires or, if such increase becomes effective before a member retires, after the date on which such benefit begins to accrue.] (s) For purposes of this section, "successor beneficiary" means any person, other than the member, who is receiving benefits as the result of the election of a period certain option or a coparticipant option, including an election for such an option by a surviving spouse under subsection (d) of section 10-183h. Sec. 176. Section 10-183h of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): (a) The basic monthly survivor's [monthly] benefit, subject to a family maximum of one thousand five hundred dollars, shall be (1) three