(a) Any policeman or fireman who, at the time this reenacting and amending act becomes effective or thereafter, is a beneficiary under any policemen's or firemen's pension or retirement system which was established by any city of the second class A, or to which any such city has made financial contributions or appropriations shall be paid not less than one hundred forty dollars ($140.00) per month.

(b) A city of the second class A may grant a cost of living increase to persons receiving an allowance from either the police or firemen's pension system, by reason of, and after termination of the services of any member of the retirement systems. The total allowance from the systems shall not exceed one-half of the salary currently paid to a patrolman or fireman of the highest pay grade.

(c) Retired members of the police and firemen's pension funds may receive an increase in their retirement allowance whenever active members of the system receive an increase in salary. The increase in allowance, when granted, shall be one-half of the salary increase paid to a policeman or fireman of the highest pay grade.

(d) Retirement allowance increases or cost of living increases shall not be granted unless the police or firemen's pension systems are actuarially sound and able to maintain the increases and allowances to retired members.