The board of education is hereby authorized to continue its retirement system established under any of the provisions of Kan. Stat. Ann. §§ 72-1726 to 72-1734, both sections inclusive, or Kan. Stat. Ann. §§ 72-1780 to 72-17,107, both sections inclusive, as a supplemental retirement system in accordance with the provisions of this act, and shall provide the same rights and benefits for its members as are provided under its retirement system established under such sections, except that the benefits to any member who becomes a member of the state school retirement system shall be reduced by the amount of the benefits actually received from both the savings annuity and the service annuity by such member from the state school retirement system: Provided, That members of such supplemental retirement systems, when retired after the establishment of such systems, shall receive the full first year’s annual pension without any deduction for deficiency as provided in Kan. Stat. Ann. § 72-17,101, reduced only by the amounts actually received from the state school retirement system as provided above: Provided further, That members of such supplemental retirement systems who were retired, other than for disability, at the close of the 1953-1954 school year or who shall be retired, other than for disability, at the close of any subsequent school year shall receive retirement benefits as provided in this act beginning on September 1st following the date of their retirement.

Such supplemental system shall be maintained solely for the benefit of those teachers and employees who are members of such retirement system or systems on August 31 following compliance with the provisions of Kan. Stat. Ann. § 72-17,118 and any amendments thereto, and no teacher or employee of such board of education shall be eligible to become a member of such supplemental retirement system or systems after such August 31. All members of the supplemental retirement system who are previously retired or who shall be retired prior to becoming eligible for benefits under the state school retirement system shall receive the same benefits under the supplemental retirement system as are now provided for them under any of the provisions of the retirement systems of the boards of education established under Kan. Stat. Ann. §§ 72-1726 to 72-1734, both sections inclusive, or Kan. Stat. Ann. §§ 72-1780 to 72-17,107, both sections inclusive: Provided, That such members shall receive an annuity of not less than seven hundred twenty dollars ($720) per year, payable in equal monthly installments, beginning on September 1 following compliance with Kan. Stat. Ann. § 72-17,118 and any amendments thereto if such members had performed thirty (30) years of service, twenty (20) years of which was in public schools of such cities of the first class, or if such members were retired for disability and had performed twenty-five (25) years of service, fifteen (15) years of which was in public schools of cities of the first class: Provided further, If any such board of education established a retirement system for teachers and employees prior to July 1, 1947, and thereafter established a retirement system under the provisions of chapter 384 [*] of the session laws of 1947, such board of education, in its discretion, may increase the retirement benefits payable after September 1, 1955, to any teachers or employees, who were retired for disability or otherwise, prior to the establishment of said latter retirement system and who at the date of their retirement had the qualifications required for retirement under any of the provisions of chapter 384 [*] of the session laws of 1947, so as to equal the retirement benefits provided by said chapter 384 [*] of the session laws of 1947 for teachers and employees with the same qualifications.