§ 18-554. Retirement.

(a)

Any member who has twenty (20) years of active service shall, upon his or her request, be retired from further service in the department. If any member retires prior to the completion of twenty-five (25) years of active service, no pension payments shall commence until twenty-five (25) years of service would have been completed had the member not terminated. Any member who is otherwise eligible for retirement shall be separated from the police department upon reaching his or her sixty-fifth birthday.

(b)

A member who is eligible to retire pursuant to paragraph (a) of this section and who retires during the period beginning May 8, 1985, and ending June 30, 1993, shall receive a pension benefit equal to two (2) percent of the monthly rate of salary received on the date of retirement or two (2) percent of the average monthly rate of salary received during the year next preceding the date of retirement, whichever is greater, multiplied by the member's number of full years of active service up to thirty (30) years. In no case shall the pension exceed sixty (60) percent of the monthly rate of salary received on the date of retirement or of the average monthly rate of salary received during the year next preceding the date of retirement, whichever is greater. The pension shall be paid in equal monthly installments from the pension and relief fund.

(c)

A member who was eligible to retire pursuant to paragraph (a) of this section and who retired before May 8, 1985, shall receive a pension benefit equal to one-half (½) of the monthly rate of salary received on the date of retirement or one-half (½) of the average monthly rate of salary received during the year next preceding the date of retirement, whichever is greater. The pension shall be paid in equal monthly installments from the pension and relief fund.

(d)

A member who is eligible to retire pursuant to paragraph (a) of this section and who retires on or after July 1, 1993, shall receive a pension benefit to be calculated by multiplying the sum of the following:

(1)

The product of the number of full years of active service up to twenty-five (25) years times two (2) percent per year; plus

(2)

The product of the number of full years of active service worked after twenty-five (25) years, provided the years worked are in the period between May 8, 1985, and June 30, 1992, times two (2) percent per year, up to a maximum of ten (10) percent; plus

(3)

The product of the number of full months of active service after twenty-five (25) years, provided the full months occur after June 30, 1992, times 0.3333 percent per month, up to a maximum of twenty-four (24) percent;

Times the monthly rate of salary received on the date of retirement or the average monthly rate of salary received during the year next preceding the date of retirement, whichever is greater. The maximum allowable benefit under paragraph (d) of this section 18-554 shall be seventy-four (74) percent even when the sum of the products in paragraphs (1), (2) and (3) above exceeds seventy-four (74) percent. The pension paid under this paragraph 18-554(d) shall be paid in equal monthly installments from the pension and relief fund. The rank escalation benefit shall be based upon the percentage of salary due at retirement.

(Ord. No. 772-97, § 1, 11-3-97; Ord. No. 506-98, § 1, 7-20-98; Ord. No. 440-00, § 2, 6-5-00; Ord. No. 597-00, § 2, 7-24-00)