(A) (1) Every member who attains the age of 55 years and upwards who shall have so served as an officer or employee of the city for a period of 20 years, or more, shall, upon application to the Board, be retired from service, and shall during the remainder of his or her life receive the pension benefits prescribed.
(2) Any member who shall have served 20 years and voluntarily retires shall be immediately entitled to the pension benefits prescribed, subject to the continuing his or her contributions until the age of 55 years.
(3) Any member who shall have served 20 years and shall be terminated without the his or her voluntary action, shall, by continuing his or her contributions until the age of 55 years, be entitled to begin receipt, at the age of 55 of pension benefits prescribed.
(B) During the lifetime of any retired member, he or she shall be entitled to receive annually from the Fund as pension benefits a sum equal to 50% of the amount which would constitute the highest average annual salary or wages which the member earned during any five years of the member’s service for the city, or which would be determined by the rate of the monthly pay of such person at the date of retirement, whichever is the higher. The pension benefits are to be paid in monthly payments.
(C) If a member has served for 12 years or more of service, but less than 20 years of service, and his or her employment is terminated for any reason, then and in that event, the member will have the option of having the total amount of the contributions paid into the Pension Fund by such employee refunded to the member in full, without interest, or receiving the portion of the annual pension set forth below.
(D) A member who shall have served for 12 years, or more, and shall have attained the age of 60 years and whose office or employment shall be terminated with or without his or her voluntary action before the expiration of 20 years of service, shall, in such event, during the remainder of his or her life, be entitled to immediately receive such portion of the annual pension benefit as the period of the member’s service up to date of termination bears to the full 20 year period of service.
(E) A member who shall have served for 12 years, or more, and shall not have attained the age of 60 years, and whose office or employment shall be terminated with or without his or her voluntary action before the expiration of 20 years of service, shall, in such event, during the remainder of the member’s life, after attaining the age of 60 years, be entitled to receive such portion of the annual pension benefit as the period of service up to the date of termination bears to the full 20 year period of service.