(A) An employee of the city who retains membership in an existing State of New Hampshire retirement system at the time of his or her retirement, and whose annual benefits as received therefrom at retirement, does not annually amount to a sum equal to one-half of their retirement, shall, when annually recommended and approved in accordance with the provisions of present existing pension laws by each respective board, commission, or official now having jurisdiction in such matters, receive annually thereafter, if necessary, from the city, a supplemental pension in an amount, which when added to the annual benefits as received by them from the retirement system will equal, but not exceed, one-half of the basic annual salary which they received for the municipal fiscal year next preceding their retirement, provided, however, that the provisions of this section shall not apply to employees whose retirement becomes effective after December 31, 1975.
(B) Provided that employees hired after June 30, 1972, shall not be eligible for supplemental pensions based on the election of options resulting in reduced payments under the state retirement system.
('71 Code, § 18-7) (Ord. passed 5-17-55; Am. Ord. passed 11-19-57; Am. Ord. passed 12-6-60; Am. Ord. passed 12-17-63; Am. Ord. passed 8-3-71; Am. Ord. passed 2-1-72; Am. Ord. passed 5-15-73; Am. Ord. passed 11-12-74)