Pursuant to the authority granted the Board of Trustees in §32, Senate Bill 1231, Acts of the 74th Texas Legislature, annuities based on service credited in the employee class of membership for retirements or deaths that occur after August 31, 1995, and before September 1, 1996, shall be increased by 12 1/2%. This increase shall apply to the first payment payable after the first anniversary of the effective date of the retirement.