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local area, based upon the number who were on the pension rolls as of the early part of 1970, will add up to about $779,000 this year, a considerable rise over the prior total of $708,000.
The increase in benefits is retroactive to January. The bigger checks will start going out chlnng the first week of June. The additional amounts for the months prior to June will be issued soon afterward.
There will be no immediate rise in payroll taxes to pay for the larger benefits. The only adjustment provided for is a change in the income base subject to such taxes from $7,800 to $9,000, effective next January.
93.7%