(A) Normal retirement date.
(1) A member may retire on the first day of the month coincident with or next following that date on which such member attains age 65, or that date on which such member attains age 60 and completes 25 years of continuous service, if earlier; or
(2) A member may retire on the first day of the month coincident with or next following the completion of 30 years of continuous service, regardless of age.
(3) In no event shall a member retire on a date later than age 65, unless the City Manager, with the approval of the City Commission, extends such member's retirement date by written authorization, on a year-to-year basis.
(B) Normal retirement benefit.
(1) The monthly retirement benefit shall be an amount equal to 2½% of average monthly earnings times years and completed months of continuous service.
(2) A member retiring hereunder on his normal retirement date shall receive a monthly benefit which shall commence on his normal retirement date and be continued thereafter during his lifetime and cease upon his death, unless an optional form of benefit payment providing a survivor's benefit had been selected in writing by the member prior to actual retirement.
('72 Code, § 24-69(1), (2)) (Ord. O-76-92, passed 12-1-76; Am. Ord. O-80-1, passed 1-20-80; Am. Ord. O-80-18, passed 2-20-80)