Section 13-555. Supplemental pension fund establishment; payment of supplemental pension allowances from such fund

There  is   hereby  established  a supplemental fund to be known as the supplemental pension
  fund. Such fund shall consist of such  moneys  as  may  be  appropriated
  thereto  and  all  other  moneys  received  for such fund from any other
  source pursuant to law. The supplemental pension fund shall be under the
  jurisdiction and control of the comptroller, who shall be the  custodian
  thereof.  The fund shall be held separate and apart from other funds and
  shall be  used  exclusively  for  the  purpose  of  making  payments  of
  supplemental  pension  allowances,  as  hereinafter provided, to retired
  teachers. The comptroller is authorized and directed to  prescribe  such
  rules   and   regulations   as   may   be  required  for  the  effective
  administration of the provisions of this section in making such  pension
  allowances.
    In  addition  to any pension allowance directed to be paid pursuant to
  section 13-554 of this chapter and notwithstanding any  other  provision
  of  this  law, the retirement and social security law or any other state
  or local law, any teacher, except as hereinafter provided,  who  retired
  prior  to September second, nineteen hundred fifty-six, who had at least
  ten years credited service at the time of retirement, shall  be  granted
  and entitled to receive a supplemental pension allowance, based upon the
  year of retirement and computed upon the years of service, in accordance
  with the following schedule:
 
                                        DOLLARS PER YEAR
             YEAR OF RETIREMENT            OF SERVICE
 
                 1955-1956               three dollars
                 1954-1955               six dollars
                 1953-1954               eight dollars
                 1952-1953               ten dollars
                 1951-1952               twelve dollars
                 1950-1951               fourteen dollars
                 1949-1950               sixteen dollars
                 1948-1949               eighteen dollars
                 1947-1948               twenty dollars
                 1946-1947               twenty-one dollars
                 1945-1946               twenty-one dollars
                 1944-1945               twenty-one dollars
                 1943-1944               twenty-one dollars
                 1942-1943               twenty-two dollars
                 1941-1942               twenty-two dollars
                 1940-1941               twenty-two dollars
                 Prior to
                 September 2, 1940       twenty-three dollars
 
    For the purposes of this schedule, the year of retirement shall extend
  from  September  second  of any one year to September first inclusive of
  the following year.
    The supplemental pension allowance granted  under  the  provisions  of
  this   section   shall  be  paid  from  the  supplemental  pension  fund
  established by this section, in so far as practicable, at the times  and
  in  the same manner as the regular retirement allowances, authorized and
  granted, under this chapter, are paid.
    Any retired teacher already receiving a supplemental pension under the
  provisions of the retirement and social security law or any other  state
  or  local  law  shall  continue  to receive such supplemental pension or

  shall receive the supplemental allowance provided  under  this  section,
  whichever shall be greater.