A. Retirement benefits shall accrue from the first day of the month coinciding with or following retirement and ending on the last day of the month in which death occurs or the actuarial equivalent thereof paid in such manner as specified by the member pursuant to this act¹ or as otherwise allowed to be paid at the discretion of the board.

B. Any Justice or judge or surviving spouse of a deceased judge who, on July 1, 1979, is receiving benefits from the Uniform Retirement System for Justices and Judges shall be entitled to receive an increase of ten percent (10%) of such benefits as of June 30, 1979.

C. The retirement compensation payable to a Justice or judge who was a member of the Uniform Retirement System for Justices and Judges on June 30, 1979, shall not be less than the retirement compensation that would have been payable had the provisions of the System on such date have continued without change including the ten percent (10%) increase provided in this section.