SECTION 1. Subdivision (2) of section 5 of chapter 32 of the General Laws is hereby amended by striking out paragraph (b), as appearing in the 2012 Official Edition, and inserting in place thereof the following 2 paragraphs:-

(b) Any member of Group 1 or Group 2 or Group 4, who is a veteran as defined in section 1, shall receive an additional yearly retirement allowance of $15 or, upon acceptance of paragraph (b 1I 2), $50 for each year of creditable service or fraction thereof; provided, that the total amount of said additional retirement allowance shall not exceed $300 or, upon acceptance of paragraph (b 1I 2), $1,000.

(b 1I 2) Upon acceptance of this paragraph by a retirement system, any member of Group 1 or Group 2 or Group 4, who is a veteran as defined in section 1, shall receive, in lieu of paragraph (b), an additional yearly allowance of $50 for each year of creditable service or fraction thereof; provided, that the total amount of said additional retirement allowance shall not exceed $1,000 in any case. Acceptance of teachers' and state employees' retirement systems shall constitute an acceptance of this paragraph.

SECTION 2. Section  26 of said chapter 32, as so appearing, is hereby amended by striking out, in line 124, the figure "$15" and inserting in place thereof the following figure:- $50.

SECTION 3. Said section  26 of said chapter 32, as so appearing, is hereby further amended by striking out, in line 126, the figure "$300" and inserting in place thereof the following figure:- $1,000.

SECTION 4. The provisions of this act shall be prospective from the effective date of this act and shall not entitle a member who is entitled to the benefits provided in this act to any retroactive benefits.