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a. Any person becoming a member who was not previously a member or who during his or her last previous membership in the pension fund contributed on the basis of a minimum period of retirement of twenty years of city-service, may elect, prior to the certification of his or her rate of contribution, to contribute on the basis of a minimum retirement period of twenty years of city-service, by a written election duly executed and acknowledged and filed with the board. The minimum period of retirement for such member so electing shall be twenty years of city-service, and all contributions and benefits payable by or on account of any such member shall be computed on the basis of such minimum retirement period.
b. Any person becoming a member who was not previously a member or who during his or her last previous membership in the pension fund contributed on the basis of a minimum period of retirement of twenty-five years of city-service, may elect, prior to certification of his or her rate of contribution, to contribute on the basis of a minimum retirement period of twenty-five years of city-service by a written election duly executed and acknowledged and filed with the board. The minimum period of retirement for such members so electing shall be twenty-five years of city-service, and all contributions and benefits payable by or on account of any such member shall be computed on the basis of such minimum retirement period.
Any person becoming a member who was not previously a member or who during his or her last previous membership in the pension fund contributed on the basis of a minimum retirement age of fifty-five, may elect, prior to the certification of his or her rate of contribution, to contribute on the basis of a minimum retirement age of fifty-five by a written election duly executed and acknowledged and filed with the board. The minimum age of retirement for such members so electing shall be fifty-five years, and all contributions and benefits payable by or on account of such member shall be computed on the basis of such minimum retirement age.
In lieu of any other retirement benefits granted to him or her upon retirement from the police force, any member who shall have served as a chief inspector/chief of operations of the police department on or after July first, nineteen hundred sixty-six, shall be entitled upon retirement to a retirement allowance which shall consist of an annuity which is the actuarial equivalent of his or her accumulated deductions at the time of his or her retirement from the police force and a pension which, when added to such annuity, will make such retirement allowance equal to two-thirds of his or her salary as chief inspector. For the purpose of computing the annuity portion of such retirement allowance, such member's accumulated deductions shall be the required amount of such deductions at the time of such member's retirement from the police force, without any increase resulting from excess contributions and without any decrease resulting from withdrawals, loans, optional modification, payment of his or her contributions for old age and survivor's insurance coverage, or from any other transaction authorized by law.
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