(A) Employees of the City, retired employees of the City and former employees of the City who contributed to the retirement benefit fund established for the City of Lincolnton by Chapter 199 of the Session Laws of 1967, shall be refunded such moneys as he or she has paid into the fund without interest, during the year 1974-1975.
(B) The City Council is hereby authorized to appropriate, from nontax revenues of the City, funds for retirement benefits to be granted any qualified employee, former employee or retired employee of the City. All such benefits shall be in addition to any retirement benefits the employee may receive from the North Carolina Local Governmental Employees' Retirement System or any other retirement benefits received from any other source.
(C) The City Council shall create a separate fund, to be known as the Retirement Fund, and to be disbursed by voucher drawn by the City Treasurer and countersigned by the Mayor. Such retirement funds are to be accumulated out of nontax moneys of the City.
(D) Should the Retirement Fund, at any time, be insufficient to make the monthly payment, the City shall place in the Retirement Fund the amount sufficient to make the monthly payments, the funds to be paid out of nontax moneys.
(E) Employees of the City, whether paid wages or salary, including the City Clerk, City Treasurer, City Attorney, and any and all other employees of the City, may voluntarily file notice with the City Clerk to be entered on the roll of pension.
(F) Employees at age sixty-two (62) or over and with twenty-five (25) years of accumulated employment with the City will receive retirement pay of fifty dollars ($50.00) per month.
(G) An employee who has an accumulated employment with the City for ten (10) years or more and who becomes disabled or unable to work (while an employee of the City) shall be entitled to retirement benefits of fifty dollars ($50.00) per month.
(H) The provisions of G.S. 160A-163 shall not apply to the retirement benefits authorized by this act.