The eligibility for, and also the amount of, the supplementary benefit for teachers retiring on or after July 1, 1948, shall be determined as follows:

One sixtieth of the average salary received for the last five years of accredited service multiplied by the number of years of accredited service less the amount of the benefit allowed by the teachers’ retirement system of Louisiana or the teachers’ retirement fund of Orleans Parish provided that the total benefit (the regular benefit plus the supplementary benefit provided by this Part) shall in no case exceed the amount of twelve hundred dollars per annum.

In the event that this formula should provide a smaller benefit than that provided for in La. Rev. Stat. 17:724, that formula shall control the benefit.

Redesignated from La. Rev. Stat. 17:725 pursuant to La. Rev. Stat. 24:253.