If a member terminates his employment with the Fire Department, either voluntarily or by discharge, and is not eligible for any other benefits under this system, he shall be entitled to the following:
(A) With less than ten years of continuous service, a refund of member contributions, if any, plus 3% interest compounded annually.
(B) With ten or more years of continuous service:
(1) The pension benefits accrued to his date of termination, payable for the life of the member and commencing upon the member's attainment of his otherwise normal retirement age, provided he does not elect to withdraw his member contributions, or, in the discretion of the member;
(2) Refund of member contributions, if any, plus 3% interest compounded annually, in which event no pension benefit shall be payable.
('72 Code, § 24-81) (Ord. O-76-93, passed 12-1-76)