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1976_Ordinances
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1976_Ordinances
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• <br />• <br />6. <br />by the member, setting forth at what date the retirement is to become effective; provided, <br />that such effective date shall be after the member's last day of service and shall not be <br />more than ninety days prior to the filing of such notification. <br />(d) Any member who terminates service after completing five or more years of <br />creditable service may retire under the provisions of either subsection (a) or subsection <br />(c) of this section provided, that the requirement as to such member being in service shall <br />not apply. <br />SECTION 2- 219.5. Service retirement allowance. <br />(a) Upon service retirement on or after July 1, 1975, a member shall receive an <br />annual retirement allowance payable monthly to him for life commencing on the first day <br />of the month coinciding with or next following his date of retirement, in an amount <br />computed as the larger of (1) and (2) following: <br />(1) The excess, it any, of two percent of the member's average <br />final compensation multiplied by the number of years of his creditable <br />service, over two and one -half percent of the member's annual primary <br />social security benefit, multiplied by the number of years of his <br />creditable service up to a maximum of twenty years. <br />(2) One and thirty -five hundreths percent of the member's average <br />final compensation multiplied by the total number of years of his creditable <br />service. <br />The foregoing provisions of this subsection to the contrary notwithstanding, if the <br />retirement date of a member with less than thirty years of creditable service precedes his <br />normal retirement date, his retirement allowance amount as computed in accordance with <br />the preceding provisions of this subsection shall be reduced by one -half of one percent <br />for each complete month in the period between the member's retirement date and the <br />earlier of his normal retirement date or the date on which he would have completed thirty <br />years of creditable service had he remained an employee continuously until such date. <br />(b) In addition to the retirement allowance to which he is entitled under the <br />provisions of subsection (a) of this section a retired member who at his date of retirement <br />was in service as a police officer or firefighter and who has completed twenty years or <br />more of creditable service shall receive an additional annual allowance, payable monthly, <br />during the period after his date of retirement and between his normal retirement date and <br />his attainment of the age sixty -five, equal to two thousand, two hundred eighty dollars. <br />SECTION 2- 219.6. Amount of social security benefits. <br />For the purpose of sections 2 -219.5 and 2- 219.11 of this code, the amount of any <br />
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