(A) (1) Amount. The optional retirement benefit as designated pursuant to § 33.072(B) shall be an amount equal to 1% of average monthly earnings times years and completed months of continuous service.
(2) Duration, survivor benefit. 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(9)) (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)
(B) The provisions of the prior system pertaining to optional forms of retirement benefits and a member's right to elect an option shall apply herein to the supplemental system and members thereof.
('72 Code, § 24-71) (Ord. O-76-92, passed 12-1-76)