(A) Upon his retirement from service, as provided in § 3-6-7, a contributing member shall receive an Albuquerque annuity equal to 2% of his final average salary multiplied by the number of years, and fraction of a year, of his credited Albuquerque service: Provided, that his Albuquerque annuity so computed shall be subject to the following:
(1) In no case shall a contributing member's Albuquerque annuity be less than an amount which when added to his state annuity shall equal 3% of the first $2,500 of his final average salary multiplied by his years, and fraction of a year, of state service credited for service rendered prior to August 1, 1947 and his years, and fraction of a year, of his credited Albuquerque service, not to exceed a total of 20 years of such state service and Albuquerque service combined.
(2) In no case shall a contributing member's Albuquerque annuity exceed the lesser of:
(a) An amount which is $75 per annum multiplied by the number of years, and fraction of a year, of his credited Albuquerque service; or
(b) An amount which when added to his state annuity results in the total of both annuities exceeding:
1. $2,400 per annum for a contributing member with less than 30 years of state service; or
2. $3,000 per annum for a contributing member with 30 or more years of state service.
(B) Upon his retirement from service, as provided in § 3-6-7, a city member shall receive an Albuquerque annuity equal to 2% of his final average salary multiplied by the number of years, and fraction of a year, of his credited Albuquerque service, not to exceed 20 years.
(C) If a contributing member who is classified as a state police member in the state system retires under the state system prior to his attainment of age 60 years with a superannuating retirement annuity, he shall be entitled to an Albuquerque annuity, computed according to division (A) of this section. Payment of his said Albuquerque annuity shall begin upon his application for same filed with the Committee on or after his attainment of age 60 years.
(D) Widow/Widower of members who retired from active duty, on or before August 31, 1954, due to total and permanent disability from injuries incurred on duty or illnesses exaggerated by injury received or inflicted while on duty shall be entitled to a maximum retirement benefit of $125 per month. Said benefit shall terminate at the time of the widow/widower's remarriage or at their death. Said benefit shall not extend beyond said surviving spouse.
(E) Upon the basis of such mortality and other tables of experience as the Committee shall from time to time adopt and in keeping with sound actuarial and fiscal practices, the Committee may provide for a lump sum payment in lieu of regular payments for any annuity or retirement benefit payable under the retirement plan.
('74 Code, § 2-5-8) (Ord. 964; Am. Ord. 6-1988; Am. Ord. 52-1989)