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Sec. 1504.  Service Retirement and Vesting.
 
   (a)   Normal Retirement.  Starting at the age of 50 years, a Plan Member who shall have 10 or more Years of Service, shall be retired by order of the Board from further active duty as a Department Member either upon the filing of his or her written application or upon the filing of a written request by or on behalf of the head of the department in which he or she 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 Plan Member to a disability pension pursuant to Section 1506, and the Board, if it shall so determine, shall state the cause or reason in its order retiring such Plan Member.
 
   (b)   Service Pension Benefits for Terminated Employees.  A former Plan Member who became such because of termination of his or her employment for any reason other than death or retirement on account of disability pursuant to the provisions of Section 1506, and who has completed at least 10 Years of Service, may elect to leave his or her contributions in the Fire and Police Service Pension Fund.  Upon reaching the age of 50 years, such former Plan Member shall be entitled to receive service retirement benefits in accordance with the formula hereinafter set forth.  The election to leave member contributions in the fund shall be irrevocable and must be in writing, filed with the Board within three years from the date of such termination of employment.  Upon the execution and filing of the same, the former Plan Member’s individual account shall be credited with an amount equal to all of the regular interest which, had he or she otherwise been entitled to the same, would have been credited thereto between the date of such termination of employment and the date of the filing of such election and thereafter, regular interest shall, until he or she be paid a pension, be credited thereto in the same manner as Plan Members’ individual accounts shall be credited.  In the event that any such person should die before being paid a pension, the only benefit which shall be paid under the provisions of this Tier 3 is the payment of his or her accumulated contributions, including interest credited thereto, to such persons as may be entitled thereto.  Failure to file such an election within three years shall constitute an irrevocable decision not to take the service retirement benefits herein provided.
 
   (c)   Physical Examination for Employees Age 70 and Over.  After a Plan Member has attained the age of 70 years, he or she shall annually submit to an examination by a regularly licensed, practicing physician selected by the head of his or her department who shall render a written report to such department and to the Board as to whether or not the Plan Member is physically and mentally fit to continue his or her duties as a Department Member.  If the Plan Member is found by the Board not to be physically or mentally fit to so continue his or her duties, he or she shall be retired effective the first day of the calendar month next succeeding that month in which the physician’s report is received by the Board.
 
   (d)   Pension Amount.  A pension payable pursuant to the provisions of this section shall be paid monthly for life in an amount which shall be equal to 2% of Final Average Salary per Year of Service for up to 20 Years of Service; and for each additional year of service after 20 years, 3% of Final Average Salary per year; but the maximum percentage of Final Average Salary payable, regardless of length of service, shall be 70% of such Final Average Salary.