The retirement allowance of each retiree under section 46 of P.L. 1954, c.84 (C.43:15A-46), or the retiree's beneficiary pursuant to section 50 of P.L. 1954, c.84 (C.43:15A-50), on the effective date of P.L. 2001, c. 353 shall be increased from 2/3 to 72.7% of the actual annual compensation for which contributions were being made at the time of the occurrence of the accident. The provisions of section 7 of P.L. 1969, c.169 (C.43:3B-8) shall not be applicable to the increases in retirement allowances provided by this section.
N.J.S. § 43:15A-46.1