(A) (1) Provision shall be made for a pension to any existing or future retirees with ten or more years of credited service who retire from city service on or after their voluntary retirement age, or to any member with 25 or more years of credited service regardless of age. Said pension, called a straight life pension, shall be an annual amount payable in equal monthly installments throughout the life of retired member.
(2) The said straight life pension shall be determined in the ordinance but in no case shall it exceed 2% of the member's average final compensation multiplied by his first 25 years, and fraction of a year, of credited service plus 1% of the member's average final compensation multiplied by his years of credit service over 25 years. Said pension shall be in addition to his social security benefits.
(3) The pension of each member retiring after July 1, 1968, would be adjusted July 1, 1969, and each July 1 thereafter, as follows: (1) the adjusted pension would be equal to the initial pension increased by 2% for each completed year of retirement after July 1, 1968; (2) the maximum adjusted pension would be equal to the initial pension multiplied by the ratio of (a) the average Consumers Price Index for the calendar year preceding the years of adjustment, to (b) the average Consumers Price Index for the calendar year preceding retirement.
(B) Provision may be made that in the event a member dies before he has received in payment of his straight life pension an aggregate amount equal to his accumulated contributions standing to his credit in the pension savings fund at the time of his retirement, the difference between his said accumulated contributions and the said aggregate amount of pension payments received by him shall be paid to such person or persons as he shall have nominated by written designation duly executed and filed with the Board. If no such designated person or persons survive him, then such difference, if any, may be paid to his legal representative.