(A) Delayed retirement date. The delayed retirement date shall be that date following normal retirement date on which a member actually retires. In no event shall a member retire later than age 60, unless the Fire Department Chief, with the approval of the City Commission, extends such member's retirement date by written authorization, on a year-to-year basis.
(B) Delayed retirement benefit. A member retiring hereunder at his delayed retirement date shall receive a monthly retirement benefit which shall commence on the first day of the month coincident with or next following such delayed retirement date. The amount of each such monthly retirement benefit shall be determined in the same manner as for normal retirement, except that average monthly earnings and continuous service shall be determined as of the member's actual retirement date. The benefit shall be paid during such member's 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, § 24-80(5), (6)) (Ord. O-76-93, passed 12-1-76; Am. Ord. O-80-3, passed 1-2-80; Am. Ord. O-84-27, passed 6-6-84; Am. Ord. O-86-61, passed 12-3-86)