§ 1508. EXISTING ALLOWANCES.

(a)

Retirement or death allowances existing in favor of or on account of members of the Fire or Police Departments at the time of the effective date of this Article, shall be continued in force, including a remarried widow during any period of time when she is unmarried by reason of the death of, annulment or divorce from a succeeding husband, and shall be paid by the Retirement System. Allowances which were effective, because of a member's retirement or death before retirement, after November 5, 1968, and prior to the effective date hereof, shall be adjusted to the new basis of all benefits provided in this Article XV upon the election by the member or surviving wife to accept the modifications provided in this amendment.

(b)

Every retirement or death allowance presently payable pursuant to the 1935 System as heretofore modified for time, to or on account of a person who died as a member or retired on or after July 1, 1935, and prior to the effective date of this section, shall from and after the effective date hereof and upon the election by the member or his surviving wife within 180 days of the effective date of this amendment, be adjusted annually in accordance with Section 1509.8 hereof. Such annual adjustments shall not be retroactive but shall only be from and after the effective date hereof.

(c)

The provisions of these subparagraphs (a) and (b) do not apply to persons receiving benefits pursuant to Charter provisions in effect prior to July 1, 1935, nor to any widow of a member who had remarried on or before November 5, 1968, and whom the member's contributions had been paid.