In addition to the retirement allowance which is authorized to be paid from the Police Pension Fund by this chapter, and notwithstanding the limitations herein placed upon such retirement allowances and all contributions, each contributor who becomes entitled to a retirement allowance shall also be entitled to the payment of a service increment in accordance with and subject to the conditions hereinafter set forth:
(a) The service increment shall be the sum obtained by computing the number of whole years, after having served the minimum required by this chapter, during which a contributor has been employed by the City and has been paid out of the City Treasury, and multiplying the number of years so computed by an amount equal to one-fortieth of the retirement allowance which has become payable to such contributor in accordance with this chapter. In computing the service increment, no employment after the contributor has reached the age of sixty-five years shall be included and no service increment shall be paid in excess of five hundred dollars ($500.00) per month.
(b) Each contributor shall pay into the Police Pension Fund a monthly sum in addition to his or her retirement contribution, which monthly sum shall be equal to one-half of one percent of his or her salary, provided that such payments shall not exceed the payment of five dollars ($5.00) per month, and provided, further, that such service increment contribution shall not be paid after a contributor has reached the age of sixty-five years.
(c) Persons who are contributors and who have already reached the age of sixty-five years shall have their service increments computed on the years of employment prior to the date of reaching their sixty-fifth birthday.
(d) Service increment contributions shall be paid at the same time and in the same manner as retirement contributions and may be withdrawn in full, without interest, by persons who leave the employment of the City or by persons who retire before becoming entitled to any service increment.
(e) All members of the Department of Police who are now contributors to the Fund, and all those employed by the City hereafter, if required to become contributors to the Fund, shall be subject to this chapter.
(Ord. 3785. Passed 6-4-68; Ord. 4927. Passed 2-11-04.)