(a) Time of Retirement. Any Tier 2 System Member under the age of 70 years who shall have 20 years of service or more shall be retired by order of the Board from further active duty as a Department Member either (a) upon the filing of a written application or (b) upon the filing of a written request by or on behalf of the head of the department in which the System Member is a Department Member if it shall be determined by the Board to be for the good of such department, other than for a cause or reason which would entitle such System Member to a disability pension pursuant to Section 1412, and the Board, if it shall so determine, shall state the cause or reason in its order retiring such Tier 2 System Member.
(b) Physical Exam for Members Age 70 Years or More. After a Tier 2 System Member has attained the age of 70, he shall annually submit to an examination by a regularly licensed, practicing physician selected by the head of the department who shall render a written report to such department as to whether or not the Tier 2 System Member is physically and mentally fit to continue his duties as a Department Member. If the Tier 2 System Member is found not to be physically and mentally fit to so continue his duties, he shall be retired effective the first day of the calendar month next succeeding that month in which the physician’s report was received by the Board.
(c) Pension Amount. Any such Retired Member shall be paid thereafter and for life a monthly service pension in an amount which shall be equal to a percentage of his Normal Pension Base, to wit:
(1) For less than 25 years of service: 2% thereof for each year of service;
(2) For 25 years of service: 55% hereof; and for each year of service over 25 years of service, an additional 3% thereof, not exceeding in all, however, a maximum of 70% thereof, which maximum of 70% shall be applicable regardless of the Retired Member’s length of service as a System Member or his age at retirement.
No Retired Member, retired pursuant to this section, ever shall be paid pension pursuant to Section 1412 concerning Disability Pensions.