(A) A member may elect to retire on the first day of the month coincident with, or next following the attainment of age 55 and completion of 20 years of continuous service, or upon attainment of age 62 with at least three years of continuous service as a “regular employee” with the city.
(B) A member who is eligible for full primary Social Security old age benefits shall cease to be eligible for service-incurred and nonservice-incurred disability benefits. However, those members of the system who are eligible for full primary Social Security old age retirement benefits prior to the date of passage of this amendment to this section shall be exempt from this provision.
(C) Any current general employee with 18 or more combined years of service with the city as of May 1, 1984, as a general employee, Police Officer, or Firefighter, whose position is eliminated may, if approved by the City Commission, receive a retirement pension beginning at termination of employment equal to the amount that would have been received at normal retirement had the employee remained in employment until that time. This shall include credit for future service between termination and the normal retirement date and at a salary projected for that period. There shall be no actuarial reduction for early retirement.
('58 Code, § 11.06) (Ord. 73-3, passed 11-8-72; Am. Ord. 75-54, passed 5-13-75; Am. Ord. 80-29, passed 12-26-79; Am. Ord. 84-70, passed 6-26-84; Am. Ord. 88-60, passed 5-24-88)