Upon his or her retirement, as provided in the retirement plan, a firefighter member shall receive a straight life pension and he or she shall have the right to elect to receive his or her pension under an option provided in § 35-26 in lieu of a straight life pension.
(a) Effective July 1, 1976, his or her straight life pension shall be equal to the sum of 2.4% of his or her final average compensation multiplied by the number of years and fraction of year, of his or her credited service, not to exceed 25 years, plus 1% of his or her final average compensation multiplied by the number of years, and fraction of a year, of his or her credited service which is in excess of 25 years.
(b) A firefighter member retiring between July 1, 1976 and December 12, 1976, may elect to receive his or her pension benefits in accordance with the terms hereof, in lieu of a pension computed in accordance with the provisions existing on the effective date of his or her retirement. The election shall be filed with the Secretary of the system on or before May 1, 1977. In the event of such election, the pension being paid the firefighter member shall be recomputed in accordance herewith, a retroactive to the effective date of his or her retirement.
(c) The rights and benefits provided under this chapter for a firefighter member who transfers employment to another department of the City prior to the attainment of ten years of credited service as a firefighter member, shall be those provided for the position to which he or she transfers. In the event a firefighter member who has ten or more years of credited service as a firefighter member, transfers employment to another position with the City, the member shall thereafter receive the benefits provided in this section for firefighter members, notwithstanding that he or she is thereafter employed in another department of the City.
(Ord. 1860, passed 8-16-1965; Ord. 2133, passed 6-23-1969; Ord. 2314, passed 2-24-1969; Ord. 2446, passed 7-1-1974; Ord. 2476, passed 2-17-1975; Ord. 2558, passed 6-14-1976; Ord. 2596, passed 4-11-1977)