(a) Upon his or her retirement as provided in the retirement plan, a police officer 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.
(b) Effective July 1, 1974, 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 a year, of his or her credited service, not to exceed 25 years, plus 1% of his or her final average multiplied by the number of years, and fraction of a year, of his or her credited service which is in excess of 25 years.
(c) Police Lieutenants and Captains bargaining unit members who have vested under the provisions of the Lieutenants and Captains retirement plan/benefit and then subsequently transfer to another position within the City that has a different recognized bargaining unit or is designated a general member not represented by a recognized bargaining unit and not employed by the Board of Hospital Managers, shall, within 60 days of the transfer, any subsequent transfers, or adoption of this section, elect in writing whether he or she will become a member of the retirement plan/benefit available to him or her by virtue of the transfer or whether he or she will continue to remain eligible to retire under the provisions of the Police Lieutenants and Captains retirement plan/benefit and continue to contribute the rate as may be required by the collective bargaining agreement. In the event an election is not made within the aforementioned 60 days, the employee will be considered a participant of the retirement plan/benefit that is available to him or her by virtue of the transfer.
(Ord. 2446, passed 7-1-1974; Ord. 2496, passed 5-19-1975; Ord. 3518, passed 9-22-2003)